DDM Analysis: 2071.TWO

Valuation Snapshot

Stable Growth	$33.29 - $51.69	$41.80
Multi-Stage	$74.60 - $82.25	$78.35
Blended Fair Value	$60.07
Current Price	$22.95
Upside	161.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.56%	0.00%	0.43	0.33	0.52	0.00	0.00	0.36	0.00	0.00	0.00	0.00
YoY Growth	-	-	29.96%	-35.29%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.85%	1.28%	3.26%	0.00%	0.00%	2.02%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	244.51
(-) Cash Dividends Paid (M)	30.02
(=) Cash Retained (M)	214.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.90	30.56	18.34
Cash Retained (M)	214.49	214.49	214.49
(-) Cash Required (M)	-48.90	-30.56	-18.34
(=) Excess Retained (M)	165.58	183.92	196.15
(/) Shares Outstanding (M)	69.20	69.20	69.20
(=) Excess Retained per Share	2.39	2.66	2.83
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	2.39	2.66	2.83
(=) Adjusted Dividend	2.83	3.09	3.27
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-1.97%	-0.97%	0.03%
Fair Value	$33.29	$41.80	$51.69
Upside / Downside	45.05%	82.14%	125.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	244.51	242.14	239.79	237.47	235.17	232.89	239.88
Payout Ratio	12.28%	27.82%	43.37%	58.91%	74.46%	90.00%	92.50%
Projected Dividends (M)	30.02	67.37	103.99	139.90	175.10	209.60	221.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-1.97%	-0.97%	0.03%
Year 1 PV (M)	62.70	63.34	63.98
Year 2 PV (M)	90.09	91.93	93.80
Year 3 PV (M)	112.80	116.28	119.84
Year 4 PV (M)	131.40	136.85	142.46
Year 5 PV (M)	146.40	154.02	161.96
PV of Terminal Value (M)	4,618.59	4,859.02	5,109.35
Equity Value (M)	5,161.98	5,421.45	5,691.39
Shares Outstanding (M)	69.20	69.20	69.20
Fair Value	$74.60	$78.35	$82.25
Upside / Downside	225.04%	241.38%	258.38%

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Chen Nan Iron Wire Co.,Ltd (2071.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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