DDM Analysis: 4560.TW

Valuation Snapshot

Stable Growth	$24.88 - $37.83	$30.96
Multi-Stage	$59.83 - $65.91	$62.81
Blended Fair Value	$46.88
Current Price	$33.10
Upside	41.64%
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	-29.31%	8.27%	0.60	2.20	1.80	1.00	3.97	3.40	2.39	1.53	1.65	0.95
YoY Growth	-	-	-72.73%	22.22%	80.10%	-74.85%	16.87%	41.93%	56.25%	-7.18%	72.94%	252.40%
Dividend Yield	-	-	1.72%	5.93%	4.58%	2.38%	9.30%	7.98%	4.18%	2.07%	3.30%	2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	194.26
(-) Cash Dividends Paid (M)	81.72
(=) Cash Retained (M)	112.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.85	24.28	14.57
Cash Retained (M)	112.54	112.54	112.54
(-) Cash Required (M)	-38.85	-24.28	-14.57
(=) Excess Retained (M)	73.69	88.26	97.97
(/) Shares Outstanding (M)	68.16	68.16	68.16
(=) Excess Retained per Share	1.08	1.29	1.44
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	1.08	1.29	1.44
(=) Adjusted Dividend	2.28	2.49	2.64
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-2.57%	-1.57%	-0.57%
Fair Value	$24.88	$30.96	$37.83
Upside / Downside	-24.84%	-6.47%	14.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	194.26	191.20	188.20	185.24	182.32	179.46	184.84
Payout Ratio	42.07%	51.65%	61.24%	70.83%	80.41%	90.00%	92.50%
Projected Dividends (M)	81.72	98.76	115.25	131.20	146.61	161.51	170.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-2.57%	-1.57%	-0.57%
Year 1 PV (M)	91.92	92.86	93.80
Year 2 PV (M)	99.83	101.89	103.97
Year 3 PV (M)	105.76	109.05	112.41
Year 4 PV (M)	110.00	114.59	119.31
Year 5 PV (M)	112.78	118.69	124.84
PV of Terminal Value (M)	3,557.84	3,744.21	3,938.32
Equity Value (M)	4,078.12	4,281.29	4,492.66
Shares Outstanding (M)	68.16	68.16	68.16
Fair Value	$59.83	$62.81	$65.91
Upside / Downside	80.75%	89.75%	99.12%

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Strong H Machinery Technology (Cayman) Incorporation (4560.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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