DDM Analysis: 1225.TW

Valuation Snapshot

Stable Growth	$25.29 - $53.62	$35.90
Multi-Stage	$35.22 - $38.72	$36.94
Blended Fair Value	$36.42
Current Price	$29.70
Upside	22.63%
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	5.03%	20.37%	1.32	1.35	1.44	1.26	1.17	1.03	1.12	1.12	0.90	0.22
YoY Growth	-	-	-2.00%	-6.25%	14.29%	7.69%	13.04%	-8.00%	0.00%	25.00%	300.00%	8.57%
Dividend Yield	-	-	4.09%	2.53%	2.70%	2.38%	2.40%	3.58%	1.83%	1.71%	1.99%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	340.21
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	340.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.04	42.53	25.52
Cash Retained (M)	340.21	340.21	340.21
(-) Cash Required (M)	-68.04	-42.53	-25.52
(=) Excess Retained (M)	272.16	297.68	314.69
(/) Shares Outstanding (M)	243.16	243.16	243.16
(=) Excess Retained per Share	1.12	1.22	1.29
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	1.12	1.22	1.29
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	1.85%	2.85%	3.85%
Fair Value	$25.29	$35.90	$53.62
Upside / Downside	-14.83%	20.89%	80.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	340.21	349.90	359.86	370.12	380.66	391.50	403.25
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	62.98	129.55	199.86	274.07	352.35	373.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	1.85%	2.85%	3.85%
Year 1 PV (M)	58.64	59.22	59.79
Year 2 PV (M)	112.32	114.53	116.77
Year 3 PV (M)	161.33	166.13	171.03
Year 4 PV (M)	206.00	214.21	222.66
Year 5 PV (M)	246.58	258.93	271.76
PV of Terminal Value (M)	7,779.85	8,169.36	8,574.31
Equity Value (M)	8,564.72	8,982.37	9,416.32
Shares Outstanding (M)	243.16	243.16	243.16
Fair Value	$35.22	$36.94	$38.72
Upside / Downside	18.59%	24.38%	30.39%

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Financial Statements

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Sector

Formosa Oilseed Processing Co., Ltd. (1225.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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