DDM Analysis: 2887.TW

Valuation Snapshot

Stable Growth	$89.72 - $324.51	$284.26
Multi-Stage	$42.99 - $46.93	$44.93
Blended Fair Value	$164.59
Current Price	$18.00
Upside	814.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.66%	7.95%	0.59	0.50	0.54	0.49	0.49	0.43	0.44	0.35	0.33	0.11
YoY Growth	-	-	18.71%	-8.17%	10.79%	-0.41%	14.80%	-2.13%	24.83%	7.89%	188.87%	-59.12%
Dividend Yield	-	-	3.44%	2.87%	3.55%	2.72%	4.37%	4.46%	3.89%	3.18%	3.48%	1.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26,015.51
(-) Cash Dividends Paid (M)	24,359.94
(=) Cash Retained (M)	1,655.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,203.10	3,251.94	1,951.16
Cash Retained (M)	1,655.57	1,655.57	1,655.57
(-) Cash Required (M)	-5,203.10	-3,251.94	-1,951.16
(=) Excess Retained (M)	-3,547.53	-1,596.37	-295.59
(/) Shares Outstanding (M)	15,943.49	15,943.49	15,943.49
(=) Excess Retained per Share	-0.22	-0.10	-0.02
LTM Dividend per Share	1.53	1.53	1.53
(+) Excess Retained per Share	-0.22	-0.10	-0.02
(=) Adjusted Dividend	1.31	1.43	1.51
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.72	$284.26	$324.51
Upside / Downside	398.46%	1,479.20%	1,702.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26,015.51	27,706.52	29,507.45	31,425.43	33,468.08	35,643.51	36,712.81
Payout Ratio	93.64%	92.91%	92.18%	91.45%	90.73%	90.00%	92.50%
Projected Dividends (M)	24,359.94	25,741.84	27,200.47	28,739.96	30,364.67	32,079.16	33,959.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23,824.13	24,049.95	24,275.77
Year 2 PV (M)	23,298.67	23,742.44	24,190.40
Year 3 PV (M)	22,783.38	23,437.41	24,103.84
Year 4 PV (M)	22,278.08	23,134.84	24,016.07
Year 5 PV (M)	21,782.59	22,834.70	23,927.07
PV of Terminal Value (M)	571,491.94	599,095.21	627,754.93
Equity Value (M)	685,458.79	716,294.55	748,268.08
Shares Outstanding (M)	15,943.49	15,943.49	15,943.49
Fair Value	$42.99	$44.93	$46.93
Upside / Downside	138.85%	149.59%	160.74%

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TS Financial Holding Co., Ltd. (2887.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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