DDM Analysis: 9917.TW

Valuation Snapshot

Stable Growth	$155.78 - $430.05	$241.13
Multi-Stage	$165.69 - $181.31	$173.35
Blended Fair Value	$207.24
Current Price	$111.50
Upside	85.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.39%	4.19%	5.28	5.08	5.08	5.08	4.06	4.06	4.05	3.55	4.06	4.06
YoY Growth	-	-	4.00%	0.00%	0.00%	25.00%	0.00%	0.16%	14.10%	-12.50%	0.00%	16.00%
Dividend Yield	-	-	4.33%	4.13%	4.81%	4.66%	4.35%	4.96%	4.66%	3.93%	4.51%	4.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,924.45
(-) Cash Dividends Paid (M)	2,346.23
(=) Cash Retained (M)	578.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	584.89	365.56	219.33
Cash Retained (M)	578.23	578.23	578.23
(-) Cash Required (M)	-584.89	-365.56	-219.33
(=) Excess Retained (M)	-6.67	212.67	358.89
(/) Shares Outstanding (M)	444.50	444.50	444.50
(=) Excess Retained per Share	-0.01	0.48	0.81
LTM Dividend per Share	5.28	5.28	5.28
(+) Excess Retained per Share	-0.01	0.48	0.81
(=) Adjusted Dividend	5.26	5.76	6.09
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	3.30%	4.30%	5.30%
Fair Value	$155.78	$241.13	$430.05
Upside / Downside	39.72%	116.26%	285.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,924.45	3,050.20	3,181.36	3,318.16	3,460.83	3,609.65	3,717.94
Payout Ratio	80.23%	82.18%	84.14%	86.09%	88.05%	90.00%	92.50%
Projected Dividends (M)	2,346.23	2,506.73	2,676.69	2,856.64	3,047.11	3,248.68	3,439.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	3.30%	4.30%	5.30%
Year 1 PV (M)	2,324.83	2,347.34	2,369.84
Year 2 PV (M)	2,302.33	2,347.12	2,392.35
Year 3 PV (M)	2,278.82	2,345.64	2,413.76
Year 4 PV (M)	2,254.39	2,342.96	2,434.11
Year 5 PV (M)	2,229.11	2,339.12	2,453.42
PV of Terminal Value (M)	62,261.09	65,333.61	68,526.25
Equity Value (M)	73,650.58	77,055.79	80,589.74
Shares Outstanding (M)	444.50	444.50	444.50
Fair Value	$165.69	$173.35	$181.31
Upside / Downside	48.60%	55.48%	62.61%

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Financial Statements

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Ticker

Industry

Sector

Taiwan Secom Co., Ltd. (9917.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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