DDM Analysis: 1423.TW

Valuation Snapshot

Stable Growth	$40.23 - $62.44	$50.51
Multi-Stage	$91.20 - $100.53	$95.78
Blended Fair Value	$73.14
Current Price	$38.00
Upside	92.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.60	0.28	1.04	2.50	0.17	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	116.00%	-73.33%	-58.33%	1,400.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.62%	0.90%	3.62%	8.99%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	425.62
(-) Cash Dividends Paid (M)	79.72
(=) Cash Retained (M)	345.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.12	53.20	31.92
Cash Retained (M)	345.90	345.90	345.90
(-) Cash Required (M)	-85.12	-53.20	-31.92
(=) Excess Retained (M)	260.78	292.70	313.98
(/) Shares Outstanding (M)	99.53	99.53	99.53
(=) Excess Retained per Share	2.62	2.94	3.15
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	2.62	2.94	3.15
(=) Adjusted Dividend	3.42	3.74	3.96
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$40.23	$50.51	$62.44
Upside / Downside	5.86%	32.91%	64.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	425.62	421.37	417.15	412.98	408.85	404.76	416.91
Payout Ratio	18.73%	32.98%	47.24%	61.49%	75.75%	90.00%	92.50%
Projected Dividends (M)	79.72	138.98	197.05	253.95	309.69	364.29	385.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	129.38	130.70	132.02
Year 2 PV (M)	170.77	174.27	177.81
Year 3 PV (M)	204.88	211.21	217.68
Year 4 PV (M)	232.59	242.23	252.16
Year 5 PV (M)	254.69	267.96	281.77
PV of Terminal Value (M)	8,084.91	8,505.91	8,944.26
Equity Value (M)	9,077.22	9,532.28	10,005.71
Shares Outstanding (M)	99.53	99.53	99.53
Fair Value	$91.20	$95.78	$100.53
Upside / Downside	140.01%	152.04%	164.56%

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Reward Wool Industry Corporation (1423.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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