DDM Analysis: 6581.TW

Valuation Snapshot

Stable Growth	$157.63 - $434.56	$243.90
Multi-Stage	$275.57 - $302.57	$288.81
Blended Fair Value	$266.35
Current Price	$110.50
Upside	141.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.89%	0.00%	4.28	6.48	3.99	2.99	2.59	4.96	5.33	3.04	1.34	2.69
YoY Growth	-	-	-33.85%	62.50%	33.33%	15.38%	-47.79%	-6.92%	75.18%	126.67%	-50.00%	0.00%
Dividend Yield	-	-	3.95%	7.18%	4.23%	3.54%	3.51%	9.64%	5.28%	2.38%	0.99%	4.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	756.00
(-) Cash Dividends Paid (M)	667.63
(=) Cash Retained (M)	88.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	151.20	94.50	56.70
Cash Retained (M)	88.38	88.38	88.38
(-) Cash Required (M)	-151.20	-94.50	-56.70
(=) Excess Retained (M)	-62.82	-6.12	31.68
(/) Shares Outstanding (M)	111.67	111.67	111.67
(=) Excess Retained per Share	-0.56	-0.05	0.28
LTM Dividend per Share	5.98	5.98	5.98
(+) Excess Retained per Share	-0.56	-0.05	0.28
(=) Adjusted Dividend	5.42	5.92	6.26
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	1.70%	2.70%	3.70%
Fair Value	$157.63	$243.90	$434.56
Upside / Downside	42.65%	120.72%	293.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	756.00	776.42	797.38	818.91	841.03	863.74	889.65
Payout Ratio	88.31%	88.65%	88.99%	89.32%	89.66%	90.00%	92.50%
Projected Dividends (M)	667.63	688.28	709.56	731.49	754.08	777.36	822.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	1.70%	2.70%	3.70%
Year 1 PV (M)	647.92	654.29	660.66
Year 2 PV (M)	628.78	641.21	653.76
Year 3 PV (M)	610.21	628.38	646.92
Year 4 PV (M)	592.17	615.80	640.14
Year 5 PV (M)	574.66	603.47	633.43
PV of Terminal Value (M)	27,718.38	29,108.19	30,553.20
Equity Value (M)	30,772.11	32,251.34	33,788.10
Shares Outstanding (M)	111.67	111.67	111.67
Fair Value	$275.57	$288.81	$302.57
Upside / Downside	149.38%	161.37%	173.82%

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Financial Statements

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Ticker

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Sector

Taiwan Steel Union Co., Ltd (6581.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener