DDM Analysis: 3515.TW

Valuation Snapshot

Stable Growth	$242.84 - $523.86	$346.83
Multi-Stage	$185.53 - $202.14	$193.69
Blended Fair Value	$270.26
Current Price	$274.00
Upside	-1.37%
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	13.37%	-1.96%	7.31	8.74	13.03	7.80	3.90	3.90	3.90	1.86	2.33	3.72
YoY Growth	-	-	-16.32%	-32.93%	66.94%	100.00%	-0.05%	-0.04%	109.92%	-20.00%	-37.50%	-58.23%
Dividend Yield	-	-	3.95%	3.41%	9.24%	3.63%	2.43%	3.68%	6.21%	2.11%	5.70%	8.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,568.42
(-) Cash Dividends Paid (M)	904.19
(=) Cash Retained (M)	664.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	313.68	196.05	117.63
Cash Retained (M)	664.23	664.23	664.23
(-) Cash Required (M)	-313.68	-196.05	-117.63
(=) Excess Retained (M)	350.55	468.18	546.60
(/) Shares Outstanding (M)	123.70	123.70	123.70
(=) Excess Retained per Share	2.83	3.78	4.42
LTM Dividend per Share	7.31	7.31	7.31
(+) Excess Retained per Share	2.83	3.78	4.42
(=) Adjusted Dividend	10.14	11.09	11.73
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$242.84	$346.83	$523.86
Upside / Downside	-11.37%	26.58%	91.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,568.42	1,670.37	1,778.94	1,894.57	2,017.72	2,148.87	2,213.34
Payout Ratio	57.65%	64.12%	70.59%	77.06%	83.53%	90.00%	92.50%
Projected Dividends (M)	904.19	1,071.04	1,255.75	1,459.96	1,685.40	1,933.99	2,047.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	965.35	974.50	983.65
Year 2 PV (M)	1,020.14	1,039.57	1,059.19
Year 3 PV (M)	1,068.99	1,099.68	1,130.95
Year 4 PV (M)	1,112.29	1,155.06	1,199.06
Year 5 PV (M)	1,150.39	1,205.95	1,263.64
PV of Terminal Value (M)	17,632.12	18,483.76	19,367.99
Equity Value (M)	22,949.27	23,958.52	25,004.47
Shares Outstanding (M)	123.70	123.70	123.70
Fair Value	$185.53	$193.69	$202.14
Upside / Downside	-32.29%	-29.31%	-26.23%

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Financial Statements

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ASROCK Incorporation (3515.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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