DDM Analysis: 2115.TW

Valuation Snapshot

Stable Growth	$25.10 - $42.57	$32.71
Multi-Stage	$30.00 - $32.93	$31.44
Blended Fair Value	$32.08
Current Price	$26.60
Upside	20.58%
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	3.93%	11.39%	0.95	1.24	1.90	1.30	1.81	0.78	1.18	0.71	1.57	1.49
YoY Growth	-	-	-23.08%	-35.00%	46.67%	-28.41%	131.00%	-33.33%	65.04%	-54.55%	4.93%	362.00%
Dividend Yield	-	-	3.20%	4.36%	6.13%	3.47%	4.25%	2.67%	4.04%	2.26%	3.90%	4.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	211.19
(-) Cash Dividends Paid (M)	0.67
(=) Cash Retained (M)	210.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.24	26.40	15.84
Cash Retained (M)	210.53	210.53	210.53
(-) Cash Required (M)	-42.24	-26.40	-15.84
(=) Excess Retained (M)	168.29	184.13	194.69
(/) Shares Outstanding (M)	104.60	104.60	104.60
(=) Excess Retained per Share	1.61	1.76	1.86
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	1.61	1.76	1.86
(=) Adjusted Dividend	1.62	1.77	1.87
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	1.93%	2.93%	3.93%
Fair Value	$25.10	$32.71	$42.57
Upside / Downside	-5.63%	22.97%	60.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	211.19	217.39	223.76	230.33	237.08	244.04	251.36
Payout Ratio	0.32%	18.25%	36.19%	54.13%	72.06%	90.00%	92.50%
Projected Dividends (M)	0.67	39.68	80.98	124.67	170.85	219.63	232.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	1.93%	2.93%	3.93%
Year 1 PV (M)	36.22	36.57	36.93
Year 2 PV (M)	67.47	68.80	70.14
Year 3 PV (M)	94.80	97.62	100.50
Year 4 PV (M)	118.59	123.31	128.18
Year 5 PV (M)	139.15	146.11	153.35
PV of Terminal Value (M)	2,681.93	2,816.09	2,955.57
Equity Value (M)	3,138.16	3,288.51	3,444.66
Shares Outstanding (M)	104.60	104.60	104.60
Fair Value	$30.00	$31.44	$32.93
Upside / Downside	12.79%	18.20%	23.81%

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Luhai Holding Corp. (2115.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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