DDM Analysis: 2615.TW

Valuation Snapshot

Stable Growth	$285.27 - $756.68	$436.20
Multi-Stage	$196.27 - $214.39	$205.16
Blended Fair Value	$320.68
Current Price	$74.30
Upside	331.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.66%	9.02%	1.50	4.98	9.10	0.79	0.63	0.48	0.39	0.32	0.95	1.58
YoY Growth	-	-	-70.00%	-45.24%	1,055.00%	25.00%	32.09%	21.13%	25.00%	-66.67%	-40.00%	150.00%
Dividend Yield	-	-	1.91%	11.19%	13.29%	0.57%	1.45%	4.39%	3.11%	2.23%	6.80%	10.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,233.69
(-) Cash Dividends Paid (M)	9,821.51
(=) Cash Retained (M)	24,412.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,846.74	4,279.21	2,567.53
Cash Retained (M)	24,412.18	24,412.18	24,412.18
(-) Cash Required (M)	-6,846.74	-4,279.21	-2,567.53
(=) Excess Retained (M)	17,565.44	20,132.97	21,844.65
(/) Shares Outstanding (M)	2,814.78	2,814.78	2,814.78
(=) Excess Retained per Share	6.24	7.15	7.76
LTM Dividend per Share	3.49	3.49	3.49
(+) Excess Retained per Share	6.24	7.15	7.76
(=) Adjusted Dividend	9.73	10.64	11.25
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$285.27	$436.20	$756.68
Upside / Downside	283.95%	487.08%	918.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,233.69	36,458.88	38,828.71	41,352.58	44,040.50	46,903.13	48,310.22
Payout Ratio	28.69%	40.95%	53.21%	65.48%	77.74%	90.00%	92.50%
Projected Dividends (M)	9,821.51	14,930.53	20,662.22	27,075.95	34,236.17	42,212.81	44,686.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,556.89	13,685.40	13,813.90
Year 2 PV (M)	17,035.19	17,359.67	17,687.20
Year 3 PV (M)	20,269.31	20,851.16	21,444.05
Year 4 PV (M)	23,271.55	24,166.51	25,087.04
Year 5 PV (M)	26,053.71	27,312.12	28,618.68
PV of Terminal Value (M)	452,273.09	474,118.05	496,799.07
Equity Value (M)	552,459.75	577,492.91	603,449.94
Shares Outstanding (M)	2,814.78	2,814.78	2,814.78
Fair Value	$196.27	$205.16	$214.39
Upside / Downside	164.16%	176.13%	188.54%

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Wan Hai Lines Ltd. (2615.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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