DDM Analysis: 3545.TW

Valuation Snapshot

Stable Growth	$40.23 - $73.68	$54.06
Multi-Stage	$52.43 - $57.48	$54.91
Blended Fair Value	$54.49
Current Price	$66.10
Upside	-17.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.68%	-2.52%	1.00	0.50	15.71	3.23	0.69	0.69	0.69	0.88	0.98	0.60
YoY Growth	-	-	101.07%	-96.82%	385.71%	366.67%	0.00%	0.00%	-21.05%	-10.49%	63.26%	-53.64%
Dividend Yield	-	-	1.51%	0.53%	20.27%	2.22%	0.38%	1.71%	1.97%	1.93%	1.70%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	599.30
(-) Cash Dividends Paid (M)	217.15
(=) Cash Retained (M)	382.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.86	74.91	44.95
Cash Retained (M)	382.15	382.15	382.15
(-) Cash Required (M)	-119.86	-74.91	-44.95
(=) Excess Retained (M)	262.29	307.23	337.20
(/) Shares Outstanding (M)	216.40	216.40	216.40
(=) Excess Retained per Share	1.21	1.42	1.56
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	1.21	1.42	1.56
(=) Adjusted Dividend	2.22	2.42	2.56
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.93%	2.93%	3.93%
Fair Value	$40.23	$54.06	$73.68
Upside / Downside	-39.14%	-18.21%	11.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	599.30	616.83	634.87	653.45	672.56	692.24	713.01
Payout Ratio	36.23%	46.99%	57.74%	68.49%	79.25%	90.00%	92.50%
Projected Dividends (M)	217.15	289.83	366.58	447.57	532.99	623.02	659.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.93%	2.93%	3.93%
Year 1 PV (M)	266.90	269.51	272.13
Year 2 PV (M)	310.86	316.99	323.17
Year 3 PV (M)	349.50	359.89	370.48
Year 4 PV (M)	383.26	398.53	414.24
Year 5 PV (M)	412.55	433.19	454.64
PV of Terminal Value (M)	9,622.15	10,103.52	10,603.97
Equity Value (M)	11,345.21	11,881.62	12,438.64
Shares Outstanding (M)	216.40	216.40	216.40
Fair Value	$52.43	$54.91	$57.48
Upside / Downside	-20.68%	-16.93%	-13.04%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Ticker

Industry

Sector

FocalTech Systems Co., Ltd. (3545.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener