DDM Analysis: 3533.TW

Valuation Snapshot

Stable Growth	$5,267.63 - $14,600.45	$13,682.76
Multi-Stage	$2,071.66 - $2,265.53	$2,166.82
Blended Fair Value	$7,924.79
Current Price	$1,545.00
Upside	412.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.34%	24.38%	25.79	24.94	15.09	12.25	9.67	8.01	4.57	3.33	3.74	4.57
YoY Growth	-	-	3.38%	65.34%	23.21%	26.67%	20.69%	75.10%	37.50%	-11.11%	-18.18%	57.14%
Dividend Yield	-	-	1.88%	1.76%	1.64%	1.76%	1.95%	2.94%	1.87%	1.59%	4.22%	4.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,251.17
(-) Cash Dividends Paid (M)	4,670.19
(=) Cash Retained (M)	3,580.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,650.23	1,031.40	618.84
Cash Retained (M)	3,580.98	3,580.98	3,580.98
(-) Cash Required (M)	-1,650.23	-1,031.40	-618.84
(=) Excess Retained (M)	1,930.75	2,549.59	2,962.15
(/) Shares Outstanding (M)	112.39	112.39	112.39
(=) Excess Retained per Share	17.18	22.69	26.36
LTM Dividend per Share	41.55	41.55	41.55
(+) Excess Retained per Share	17.18	22.69	26.36
(=) Adjusted Dividend	58.73	64.24	67.91
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,267.63	$13,682.76	$14,600.45
Upside / Downside	240.95%	785.62%	845.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,251.17	8,787.50	9,358.69	9,967.00	10,614.86	11,304.82	11,643.97
Payout Ratio	56.60%	63.28%	69.96%	76.64%	83.32%	90.00%	92.50%
Projected Dividends (M)	4,670.19	5,560.75	6,547.35	7,638.72	8,844.31	10,174.34	10,770.67

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)	5,163.79	5,212.73	5,261.68
Year 2 PV (M)	5,645.93	5,753.47	5,862.03
Year 3 PV (M)	6,116.82	6,292.41	6,471.33
Year 4 PV (M)	6,576.63	6,829.55	7,089.70
Year 5 PV (M)	7,025.56	7,364.90	7,717.22
PV of Terminal Value (M)	202,305.71	212,077.15	222,222.57
Equity Value (M)	232,834.44	243,530.22	254,624.53
Shares Outstanding (M)	112.39	112.39	112.39
Fair Value	$2,071.66	$2,166.82	$2,265.53
Upside / Downside	34.09%	40.25%	46.64%

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Lotes Co., Ltd (3533.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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