DDM Analysis: 3022.TW

Valuation Snapshot

Stable Growth	$52.15 - $82.59	$66.03
Multi-Stage	$64.19 - $70.04	$67.06
Blended Fair Value	$66.55
Current Price	$77.90
Upside	-14.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.88%	-8.40%	3.48	3.48	2.99	1.99	1.00	2.50	0.93	5.55	3.70	4.63
YoY Growth	-	-	0.00%	16.67%	50.00%	99.22%	-60.00%	170.00%	-83.33%	50.00%	-20.00%	-44.79%
Dividend Yield	-	-	3.90%	4.21%	3.50%	4.27%	1.73%	8.44%	1.64%	7.91%	4.17%	6.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	886.19
(-) Cash Dividends Paid (M)	618.09
(=) Cash Retained (M)	268.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	177.24	110.77	66.46
Cash Retained (M)	268.10	268.10	268.10
(-) Cash Required (M)	-177.24	-110.77	-66.46
(=) Excess Retained (M)	90.86	157.32	201.63
(/) Shares Outstanding (M)	177.37	177.37	177.37
(=) Excess Retained per Share	0.51	0.89	1.14
LTM Dividend per Share	3.48	3.48	3.48
(+) Excess Retained per Share	0.51	0.89	1.14
(=) Adjusted Dividend	4.00	4.37	4.62
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	2.06%	3.06%	4.06%
Fair Value	$52.15	$66.03	$82.59
Upside / Downside	-33.06%	-15.23%	6.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	886.19	913.27	941.19	969.96	999.60	1,030.16	1,061.06
Payout Ratio	69.75%	73.80%	77.85%	81.90%	85.95%	90.00%	92.50%
Projected Dividends (M)	618.09	673.98	732.70	794.38	859.15	927.14	981.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	2.06%	3.06%	4.06%
Year 1 PV (M)	607.43	613.38	619.33
Year 2 PV (M)	595.15	606.87	618.71
Year 3 PV (M)	581.54	598.80	616.41
Year 4 PV (M)	566.85	589.40	612.61
Year 5 PV (M)	551.31	578.86	607.49
PV of Terminal Value (M)	8,483.99	8,907.86	9,348.52
Equity Value (M)	11,386.27	11,895.17	12,423.06
Shares Outstanding (M)	177.37	177.37	177.37
Fair Value	$64.19	$67.06	$70.04
Upside / Downside	-17.60%	-13.91%	-10.09%

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Financial Statements

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Ticker

Industry

Sector

IEI Integration Corp. (3022.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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