DDM Analysis: 4104.TW

Valuation Snapshot

Stable Growth	$120.27 - $361.89	$190.86
Multi-Stage	$84.27 - $91.84	$87.98
Blended Fair Value	$139.42
Current Price	$85.80
Upside	62.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.99%	10.10%	3.44	3.15	2.88	2.88	2.71	2.24	2.08	1.86	1.77	1.64
YoY Growth	-	-	9.32%	9.50%	0.00%	6.06%	21.16%	7.41%	12.18%	4.80%	7.82%	25.00%
Dividend Yield	-	-	4.12%	3.57%	4.18%	5.28%	5.61%	5.37%	5.17%	4.74%	4.74%	4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	804.14
(-) Cash Dividends Paid (M)	620.91
(=) Cash Retained (M)	183.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	160.83	100.52	60.31
Cash Retained (M)	183.23	183.23	183.23
(-) Cash Required (M)	-160.83	-100.52	-60.31
(=) Excess Retained (M)	22.40	82.71	122.92
(/) Shares Outstanding (M)	171.67	171.67	171.67
(=) Excess Retained per Share	0.13	0.48	0.72
LTM Dividend per Share	3.62	3.62	3.62
(+) Excess Retained per Share	0.13	0.48	0.72
(=) Adjusted Dividend	3.75	4.10	4.33
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$120.27	$190.86	$361.89
Upside / Downside	40.18%	122.45%	321.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	804.14	856.41	912.07	971.36	1,034.50	1,101.74	1,134.79
Payout Ratio	77.21%	79.77%	82.33%	84.89%	87.44%	90.00%	92.50%
Projected Dividends (M)	620.91	683.17	750.90	824.54	904.59	991.56	1,049.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	622.09	627.99	633.88
Year 2 PV (M)	622.63	634.49	646.46
Year 3 PV (M)	622.57	640.45	658.66
Year 4 PV (M)	621.95	645.87	670.47
Year 5 PV (M)	620.80	650.78	681.91
PV of Terminal Value (M)	11,356.00	11,904.50	12,473.99
Equity Value (M)	14,466.04	15,104.07	15,765.37
Shares Outstanding (M)	171.67	171.67	171.67
Fair Value	$84.27	$87.98	$91.84
Upside / Downside	-1.79%	2.54%	7.03%

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Excelsior Medical Co., Ltd. (4104.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener