DDM Analysis: 6781.TW

Valuation Snapshot

Stable Growth	$694.41 - $1,565.25	$1,007.28
Multi-Stage	$2,980.80 - $3,293.50	$3,134.01
Blended Fair Value	$2,070.65
Current Price	$1,160.00
Upside	78.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	11.59	18.99	14.99	5.30	1.70	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-38.95%	26.66%	183.05%	211.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.39%	2.76%	2.09%	0.42%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,177.46
(-) Cash Dividends Paid (M)	1,067.73
(=) Cash Retained (M)	2,109.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	635.49	397.18	238.31
Cash Retained (M)	2,109.72	2,109.72	2,109.72
(-) Cash Required (M)	-635.49	-397.18	-238.31
(=) Excess Retained (M)	1,474.23	1,712.54	1,871.41
(/) Shares Outstanding (M)	85.48	85.48	85.48
(=) Excess Retained per Share	17.25	20.03	21.89
LTM Dividend per Share	12.49	12.49	12.49
(+) Excess Retained per Share	17.25	20.03	21.89
(=) Adjusted Dividend	29.74	32.52	34.38
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$694.41	$1,007.28	$1,565.25
Upside / Downside	-40.14%	-13.17%	34.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,177.46	3,145.68	3,114.23	3,083.08	3,052.25	3,021.73	3,112.38
Payout Ratio	33.60%	44.88%	56.16%	67.44%	78.72%	90.00%	92.50%
Projected Dividends (M)	1,067.73	1,411.87	1,749.01	2,079.27	2,402.75	2,719.56	2,878.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,367.57	1,381.52	1,395.48
Year 2 PV (M)	1,640.97	1,674.63	1,708.64
Year 3 PV (M)	1,889.62	1,948.06	2,007.69
Year 4 PV (M)	2,115.08	2,202.74	2,293.09
Year 5 PV (M)	2,318.83	2,439.58	2,565.30
PV of Terminal Value (M)	245,474.10	258,256.51	271,565.94
Equity Value (M)	254,806.17	267,903.04	281,536.14
Shares Outstanding (M)	85.48	85.48	85.48
Fair Value	$2,980.80	$3,134.01	$3,293.50
Upside / Downside	156.97%	170.17%	183.92%

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Advanced Energy Solution Holding Co., Ltd. (6781.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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