DDM Analysis: 3515.TW

Valuation Snapshot

Stable Growth	$709.81 - $2,521.65	$2,327.45
Multi-Stage	$327.50 - $358.00	$342.48
Blended Fair Value	$1,334.96
Current Price	$274.00
Upside	387.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.37%	-1.96%	7.31	8.74	13.03	7.80	3.90	3.90	3.90	1.86	2.33	3.72
YoY Growth	-	-	-16.32%	-32.93%	66.94%	100.00%	-0.05%	-0.04%	109.92%	-20.00%	-37.50%	-58.23%
Dividend Yield	-	-	3.95%	3.41%	9.24%	3.63%	2.43%	3.68%	6.21%	2.11%	5.70%	8.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,568.42
(-) Cash Dividends Paid (M)	904.19
(=) Cash Retained (M)	664.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	313.68	196.05	117.63
Cash Retained (M)	664.23	664.23	664.23
(-) Cash Required (M)	-313.68	-196.05	-117.63
(=) Excess Retained (M)	350.55	468.18	546.60
(/) Shares Outstanding (M)	123.70	123.70	123.70
(=) Excess Retained per Share	2.83	3.78	4.42
LTM Dividend per Share	7.31	7.31	7.31
(+) Excess Retained per Share	2.83	3.78	4.42
(=) Adjusted Dividend	10.14	11.09	11.73
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$709.81	$2,327.45	$2,521.65
Upside / Downside	159.05%	749.43%	820.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,568.42	1,670.37	1,778.94	1,894.57	2,017.72	2,148.87	2,213.34
Payout Ratio	57.65%	64.12%	70.59%	77.06%	83.53%	90.00%	92.50%
Projected Dividends (M)	904.19	1,071.04	1,255.75	1,459.96	1,685.40	1,933.99	2,047.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	991.50	1,000.90	1,010.30
Year 2 PV (M)	1,076.17	1,096.67	1,117.36
Year 3 PV (M)	1,158.25	1,191.50	1,225.38
Year 4 PV (M)	1,237.81	1,285.42	1,334.38
Year 5 PV (M)	1,314.90	1,378.41	1,444.35
PV of Terminal Value (M)	34,732.61	36,410.21	38,152.01
Equity Value (M)	40,511.25	42,363.10	44,283.78
Shares Outstanding (M)	123.70	123.70	123.70
Fair Value	$327.50	$342.48	$358.00
Upside / Downside	19.53%	24.99%	30.66%

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ASROCK Incorporation (3515.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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