DDM Analysis: 2547.TW

Valuation Snapshot

Stable Growth	$19.48 - $27.95	$23.62
Multi-Stage	$52.42 - $57.97	$55.14
Blended Fair Value	$39.38
Current Price	$12.20
Upside	222.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.71%	-12.03%	0.24	0.00	0.18	0.56	0.55	0.71	0.00	0.00	0.00	0.87
YoY Growth	-	-	0.00%	-100.00%	-68.46%	1.95%	-23.50%	0.00%	0.00%	0.00%	-100.00%	1.88%
Dividend Yield	-	-	1.81%	0.00%	1.94%	5.35%	4.79%	8.00%	0.00%	0.00%	0.00%	8.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,897.19
(-) Cash Dividends Paid (M)	238.77
(=) Cash Retained (M)	2,658.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	579.44	362.15	217.29
Cash Retained (M)	2,658.42	2,658.42	2,658.42
(-) Cash Required (M)	-579.44	-362.15	-217.29
(=) Excess Retained (M)	2,078.98	2,296.27	2,441.13
(/) Shares Outstanding (M)	1,003.94	1,003.94	1,003.94
(=) Excess Retained per Share	2.07	2.29	2.43
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	2.07	2.29	2.43
(=) Adjusted Dividend	2.31	2.53	2.67
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-4.92%	-3.92%	-2.92%
Fair Value	$19.48	$23.62	$27.95
Upside / Downside	59.63%	93.61%	129.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,897.19	2,783.69	2,674.65	2,569.87	2,469.20	2,372.47	2,443.65
Payout Ratio	8.24%	24.59%	40.94%	57.30%	73.65%	90.00%	92.50%
Projected Dividends (M)	238.77	684.60	1,095.13	1,472.45	1,818.52	2,135.23	2,260.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-4.92%	-3.92%	-2.92%
Year 1 PV (M)	637.00	643.70	650.40
Year 2 PV (M)	948.14	968.19	988.45
Year 3 PV (M)	1,186.17	1,223.99	1,262.61
Year 4 PV (M)	1,363.11	1,421.36	1,481.46
Year 5 PV (M)	1,489.21	1,569.19	1,652.57
PV of Terminal Value (M)	47,003.89	49,528.17	52,159.75
Equity Value (M)	52,627.52	55,354.60	58,195.24
Shares Outstanding (M)	1,003.94	1,003.94	1,003.94
Fair Value	$52.42	$55.14	$57.97
Upside / Downside	329.68%	351.95%	375.14%

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Radium Life Tech. Co., Ltd. (2547.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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