DDM Analysis: 4915.TW

Valuation Snapshot

Stable Growth	$57.92 - $91.42	$73.24
Multi-Stage	$112.18 - $123.15	$117.56
Blended Fair Value	$95.40
Current Price	$72.90
Upside	30.87%
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	10.69%	18.23%	3.94	3.81	3.00	2.88	2.29	2.37	3.04	2.36	1.97	1.68
YoY Growth	-	-	3.34%	26.97%	4.16%	25.82%	-3.38%	-22.07%	28.62%	19.82%	17.30%	127.92%
Dividend Yield	-	-	4.75%	4.60%	4.97%	5.53%	3.60%	6.14%	5.07%	3.80%	3.96%	4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,721.41
(-) Cash Dividends Paid (M)	1,851.73
(=) Cash Retained (M)	869.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	544.28	340.18	204.11
Cash Retained (M)	869.69	869.69	869.69
(-) Cash Required (M)	-544.28	-340.18	-204.11
(=) Excess Retained (M)	325.40	529.51	665.58
(/) Shares Outstanding (M)	470.54	470.54	470.54
(=) Excess Retained per Share	0.69	1.13	1.41
LTM Dividend per Share	3.94	3.94	3.94
(+) Excess Retained per Share	0.69	1.13	1.41
(=) Adjusted Dividend	4.63	5.06	5.35
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-0.91%	0.09%	1.09%
Fair Value	$57.92	$73.24	$91.42
Upside / Downside	-20.55%	0.47%	25.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,721.41	2,723.97	2,726.52	2,729.08	2,731.64	2,734.21	2,816.23
Payout Ratio	68.04%	72.43%	76.83%	81.22%	85.61%	90.00%	92.50%
Projected Dividends (M)	1,851.73	1,973.09	2,094.67	2,216.48	2,338.52	2,460.79	2,605.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-0.91%	0.09%	1.09%
Year 1 PV (M)	1,825.42	1,843.84	1,862.26
Year 2 PV (M)	1,792.86	1,829.23	1,865.96
Year 3 PV (M)	1,755.14	1,808.81	1,863.57
Year 4 PV (M)	1,713.18	1,783.39	1,855.74
Year 5 PV (M)	1,667.83	1,753.70	1,843.07
PV of Terminal Value (M)	44,031.54	46,298.54	48,657.97
Equity Value (M)	52,785.97	55,317.52	57,948.57
Shares Outstanding (M)	470.54	470.54	470.54
Fair Value	$112.18	$117.56	$123.15
Upside / Downside	53.88%	61.26%	68.93%

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Financial Statements

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Ticker

Industry

Sector

Primax Electronics Ltd. (4915.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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