DDM Analysis: 2832.TW

Valuation Snapshot

Stable Growth	$149.47 - $663.16	$351.98
Multi-Stage	$85.69 - $93.67	$89.61
Blended Fair Value	$220.79
Current Price	$53.57
Upside	312.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.63%	1.64%	1.42	1.09	0.82	1.20	1.09	0.98	1.20	0.98	1.31	0.99
YoY Growth	-	-	30.00%	33.33%	-31.82%	10.00%	11.11%	-18.18%	22.22%	-25.00%	32.74%	-18.18%
Dividend Yield	-	-	4.22%	4.12%	3.95%	5.80%	4.88%	5.35%	5.98%	4.77%	6.89%	4.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,108.58
(-) Cash Dividends Paid (M)	724.40
(=) Cash Retained (M)	384.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	221.72	138.57	83.14
Cash Retained (M)	384.18	384.18	384.18
(-) Cash Required (M)	-221.72	-138.57	-83.14
(=) Excess Retained (M)	162.46	245.60	301.03
(/) Shares Outstanding (M)	331.26	331.26	331.26
(=) Excess Retained per Share	0.49	0.74	0.91
LTM Dividend per Share	2.19	2.19	2.19
(+) Excess Retained per Share	0.49	0.74	0.91
(=) Adjusted Dividend	2.68	2.93	3.10
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	5.11%	6.11%	7.11%
Fair Value	$149.47	$351.98	$663.16
Upside / Downside	179.01%	557.05%	1,137.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,108.58	1,176.36	1,248.28	1,324.60	1,405.58	1,491.52	1,536.27
Payout Ratio	65.35%	70.28%	75.21%	80.14%	85.07%	90.00%	92.50%
Projected Dividends (M)	724.40	826.70	938.79	1,061.51	1,195.72	1,342.37	1,421.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	5.11%	6.11%	7.11%
Year 1 PV (M)	765.36	772.64	779.92
Year 2 PV (M)	804.64	820.03	835.56
Year 3 PV (M)	842.31	866.58	891.31
Year 4 PV (M)	878.41	912.32	947.19
Year 5 PV (M)	912.97	957.23	1,003.20
PV of Terminal Value (M)	24,181.35	25,353.69	26,571.06
Equity Value (M)	28,385.04	29,682.48	31,028.24
Shares Outstanding (M)	331.26	331.26	331.26
Fair Value	$85.69	$89.61	$93.67
Upside / Downside	59.96%	67.27%	74.85%

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Financial Statements

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Ticker

Industry

Sector

Taiwan Fire & Marine Insurance Co., Ltd. (2832.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener