DDM Analysis: 3356.TW

Valuation Snapshot

Stable Growth	$27.76 - $38.00	$32.95
Multi-Stage	$50.38 - $55.25	$52.77
Blended Fair Value	$42.86
Current Price	$53.20
Upside	-19.43%
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	0.00%	-5.49%	3.24	1.56	1.34	1.12	0.00	0.00	0.00	0.95	3.82	4.69
YoY Growth	-	-	107.14%	16.67%	20.00%	0.00%	0.00%	0.00%	-100.00%	-75.13%	-18.52%	-17.50%
Dividend Yield	-	-	6.12%	2.50%	2.79%	3.44%	0.00%	0.00%	0.00%	2.87%	9.50%	7.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	426.97
(-) Cash Dividends Paid (M)	260.48
(=) Cash Retained (M)	166.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.39	53.37	32.02
Cash Retained (M)	166.49	166.49	166.49
(-) Cash Required (M)	-85.39	-53.37	-32.02
(=) Excess Retained (M)	81.09	113.12	134.47
(/) Shares Outstanding (M)	80.51	80.51	80.51
(=) Excess Retained per Share	1.01	1.41	1.67
LTM Dividend per Share	3.24	3.24	3.24
(+) Excess Retained per Share	1.01	1.41	1.67
(=) Adjusted Dividend	4.24	4.64	4.91
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	-4.81%	-3.81%	-2.81%
Fair Value	$27.76	$32.95	$38.00
Upside / Downside	-47.81%	-38.06%	-28.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	426.97	410.72	395.08	380.04	365.57	351.65	362.20
Payout Ratio	61.01%	66.81%	72.60%	78.40%	84.20%	90.00%	92.50%
Projected Dividends (M)	260.48	274.38	286.84	297.96	307.81	316.49	335.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	-4.81%	-3.81%	-2.81%
Year 1 PV (M)	247.43	250.03	252.63
Year 2 PV (M)	233.26	238.19	243.17
Year 3 PV (M)	218.50	225.46	232.57
Year 4 PV (M)	203.56	212.25	221.21
Year 5 PV (M)	188.73	198.86	209.41
PV of Terminal Value (M)	2,964.58	3,123.60	3,289.37
Equity Value (M)	4,056.07	4,248.38	4,448.36
Shares Outstanding (M)	80.51	80.51	80.51
Fair Value	$50.38	$52.77	$55.25
Upside / Downside	-5.30%	-0.81%	3.86%

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Financial Statements

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GeoVision Inc. (3356.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener