DDM Analysis: 2402.TW

Valuation Snapshot

Stable Growth	$182.56 - $506.00	$474.19
Multi-Stage	$72.88 - $79.64	$76.19
Blended Fair Value	$275.19
Current Price	$52.00
Upside	429.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.55%	6.10%	1.18	0.98	0.49	0.49	0.50	0.50	0.00	0.00	0.00	2.24
YoY Growth	-	-	21.02%	100.00%	0.00%	-3.25%	0.00%	0.00%	0.00%	0.00%	-100.00%	243.32%
Dividend Yield	-	-	3.28%	2.72%	1.83%	3.07%	2.68%	4.61%	0.00%	0.00%	0.00%	13.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	775.44
(-) Cash Dividends Paid (M)	607.15
(=) Cash Retained (M)	168.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	155.09	96.93	58.16
Cash Retained (M)	168.30	168.30	168.30
(-) Cash Required (M)	-155.09	-96.93	-58.16
(=) Excess Retained (M)	13.21	71.37	110.14
(/) Shares Outstanding (M)	304.78	304.78	304.78
(=) Excess Retained per Share	0.04	0.23	0.36
LTM Dividend per Share	1.99	1.99	1.99
(+) Excess Retained per Share	0.04	0.23	0.36
(=) Adjusted Dividend	2.04	2.23	2.35
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$182.56	$474.19	$506.00
Upside / Downside	251.07%	811.91%	873.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	775.44	825.85	879.53	936.69	997.58	1,062.42	1,094.30
Payout Ratio	78.30%	80.64%	82.98%	85.32%	87.66%	90.00%	92.50%
Projected Dividends (M)	607.15	665.94	729.81	799.18	874.47	956.18	1,012.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	618.40	624.26	630.12
Year 2 PV (M)	629.33	641.32	653.42
Year 3 PV (M)	639.95	658.32	677.04
Year 4 PV (M)	650.26	675.27	700.99
Year 5 PV (M)	660.26	692.15	725.26
PV of Terminal Value (M)	19,012.61	19,930.93	20,884.39
Equity Value (M)	22,210.81	23,222.25	24,271.22
Shares Outstanding (M)	304.78	304.78	304.78
Fair Value	$72.88	$76.19	$79.64
Upside / Downside	40.15%	46.53%	53.15%

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Ichia Technologies, Inc. (2402.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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