DDM Analysis: 2891.TW

Valuation Snapshot

Stable Growth	$254.37 - $740.05	$693.53
Multi-Stage	$103.78 - $113.45	$108.53
Blended Fair Value	$401.03
Current Price	$42.90
Upside	834.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.64%	20.71%	1.84	1.04	1.28	1.08	1.03	1.02	1.06	0.98	0.73	0.62
YoY Growth	-	-	76.93%	-18.73%	18.55%	5.15%	1.18%	-3.91%	8.22%	33.33%	18.16%	121.07%
Dividend Yield	-	-	4.67%	3.29%	5.87%	3.68%	4.65%	5.68%	5.21%	4.61%	3.91%	3.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74,138.43
(-) Cash Dividends Paid (M)	46,725.81
(=) Cash Retained (M)	27,412.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,827.69	9,267.30	5,560.38
Cash Retained (M)	27,412.62	27,412.62	27,412.62
(-) Cash Required (M)	-14,827.69	-9,267.30	-5,560.38
(=) Excess Retained (M)	12,584.94	18,145.32	21,852.24
(/) Shares Outstanding (M)	19,923.39	19,923.39	19,923.39
(=) Excess Retained per Share	0.63	0.91	1.10
LTM Dividend per Share	2.35	2.35	2.35
(+) Excess Retained per Share	0.63	0.91	1.10
(=) Adjusted Dividend	2.98	3.26	3.44
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$254.37	$693.53	$740.05
Upside / Downside	492.93%	1,516.63%	1,625.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74,138.43	78,957.43	84,089.66	89,555.49	95,376.60	101,576.08	104,623.36
Payout Ratio	63.03%	68.42%	73.82%	79.21%	84.61%	90.00%	92.50%
Projected Dividends (M)	46,725.81	54,022.73	62,070.83	70,936.94	80,693.39	91,418.47	96,776.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	50,138.77	50,614.02	51,089.27
Year 2 PV (M)	53,466.52	54,484.91	55,512.90
Year 3 PV (M)	56,710.57	58,338.52	59,997.34
Year 4 PV (M)	59,872.40	62,174.93	64,543.23
Year 5 PV (M)	62,953.50	65,994.18	69,151.23
PV of Terminal Value (M)	1,784,430.53	1,870,619.19	1,960,106.50
Equity Value (M)	2,067,572.29	2,162,225.75	2,260,400.47
Shares Outstanding (M)	19,923.39	19,923.39	19,923.39
Fair Value	$103.78	$108.53	$113.45
Upside / Downside	141.90%	152.98%	164.46%

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CTBC Financial Holding Co., Ltd. (2891.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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