DDM Analysis: 9905.TW

Valuation Snapshot

Stable Growth	$12.89 - $19.62	$16.04
Multi-Stage	$25.69 - $28.20	$26.92
Blended Fair Value	$21.48
Current Price	$22.90
Upside	-6.19%
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	1.92%	-5.80%	1.09	1.19	1.49	1.49	1.00	1.00	1.69	1.49	1.49	1.99
YoY Growth	-	-	-8.33%	-20.00%	0.00%	50.00%	0.00%	-41.18%	13.33%	0.00%	-25.00%	0.00%
Dividend Yield	-	-	4.69%	4.97%	5.90%	5.52%	3.95%	5.03%	6.77%	5.65%	5.72%	7.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	446.28
(-) Cash Dividends Paid (M)	335.50
(=) Cash Retained (M)	110.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.26	55.78	33.47
Cash Retained (M)	110.78	110.78	110.78
(-) Cash Required (M)	-89.26	-55.78	-33.47
(=) Excess Retained (M)	21.52	54.99	77.31
(/) Shares Outstanding (M)	306.49	306.49	306.49
(=) Excess Retained per Share	0.07	0.18	0.25
LTM Dividend per Share	1.09	1.09	1.09
(+) Excess Retained per Share	0.07	0.18	0.25
(=) Adjusted Dividend	1.16	1.27	1.35
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	-1.60%	-0.60%	0.40%
Fair Value	$12.89	$16.04	$19.62
Upside / Downside	-43.72%	-29.94%	-14.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	446.28	443.60	440.93	438.28	435.65	433.03	446.02
Payout Ratio	75.18%	78.14%	81.11%	84.07%	87.04%	90.00%	92.50%
Projected Dividends (M)	335.50	346.63	357.62	368.47	379.17	389.73	412.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	-1.60%	-0.60%	0.40%
Year 1 PV (M)	319.82	323.07	326.32
Year 2 PV (M)	304.44	310.66	316.94
Year 3 PV (M)	289.41	298.32	307.42
Year 4 PV (M)	274.78	286.12	297.81
Year 5 PV (M)	260.58	274.10	288.17
PV of Terminal Value (M)	6,425.97	6,759.20	7,106.12
Equity Value (M)	7,875.01	8,251.47	8,642.77
Shares Outstanding (M)	306.49	306.49	306.49
Fair Value	$25.69	$26.92	$28.20
Upside / Downside	12.20%	17.57%	23.14%

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Financial Statements

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Sector

Great China Metal Ind. Co., Ltd. (9905.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener