DDM Analysis: 8438.TW

Valuation Snapshot

Stable Growth	$21.42 - $37.06	$28.14
Multi-Stage	$26.78 - $29.25	$27.99
Blended Fair Value	$28.07
Current Price	$30.40
Upside	-7.67%
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	11.53%	0.00%	0.90	1.00	1.99	0.80	0.18	0.52	0.00	0.30	0.21	0.27
YoY Growth	-	-	-10.00%	-50.00%	150.37%	345.86%	-65.65%	0.00%	-100.00%	43.48%	-23.05%	0.00%
Dividend Yield	-	-	2.78%	3.58%	8.00%	2.04%	0.55%	2.61%	0.00%	1.41%	0.92%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	115.50
(-) Cash Dividends Paid (M)	90.93
(=) Cash Retained (M)	24.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.10	14.44	8.66
Cash Retained (M)	24.57	24.57	24.57
(-) Cash Required (M)	-23.10	-14.44	-8.66
(=) Excess Retained (M)	1.47	10.13	15.91
(/) Shares Outstanding (M)	70.24	70.24	70.24
(=) Excess Retained per Share	0.02	0.14	0.23
LTM Dividend per Share	1.29	1.29	1.29
(+) Excess Retained per Share	0.02	0.14	0.23
(=) Adjusted Dividend	1.32	1.44	1.52
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	2.28%	3.28%	4.28%
Fair Value	$21.42	$28.14	$37.06
Upside / Downside	-29.52%	-7.42%	21.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.50	119.29	123.21	127.25	131.43	135.75	139.82
Payout Ratio	78.73%	80.98%	83.24%	85.49%	87.75%	90.00%	92.50%
Projected Dividends (M)	90.93	96.60	102.55	108.79	115.33	122.18	129.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	2.28%	3.28%	4.28%
Year 1 PV (M)	88.12	88.98	89.84
Year 2 PV (M)	85.33	87.01	88.70
Year 3 PV (M)	82.58	85.02	87.52
Year 4 PV (M)	79.85	83.02	86.28
Year 5 PV (M)	77.17	81.01	85.01
PV of Terminal Value (M)	1,468.10	1,541.28	1,617.36
Equity Value (M)	1,881.15	1,966.33	2,054.71
Shares Outstanding (M)	70.24	70.24	70.24
Fair Value	$26.78	$27.99	$29.25
Upside / Downside	-11.91%	-7.92%	-3.78%

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Financial Statements

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Sector

Amia Co.,Ltd (8438.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener