DDM Analysis: 2308.TW

Valuation Snapshot

Stable Growth	$3,238.12 - $3,815.05	$3,575.26
Multi-Stage	$2,507.89 - $2,752.26	$2,627.79
Blended Fair Value	$3,101.53
Current Price	$854.00
Upside	263.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.16%	1.68%	6.41	9.81	5.49	5.49	4.99	4.99	4.99	4.99	4.99	6.27
YoY Growth	-	-	-34.65%	78.91%	0.00%	10.00%	0.00%	0.00%	0.00%	0.00%	-20.47%	15.52%
Dividend Yield	-	-	1.78%	2.93%	1.82%	2.04%	1.73%	4.14%	3.20%	3.84%	3.07%	4.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,962.27
(-) Cash Dividends Paid (M)	18,182.80
(=) Cash Retained (M)	31,779.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,992.45	6,245.28	3,747.17
Cash Retained (M)	31,779.47	31,779.47	31,779.47
(-) Cash Required (M)	-9,992.45	-6,245.28	-3,747.17
(=) Excess Retained (M)	21,787.02	25,534.19	28,032.30
(/) Shares Outstanding (M)	2,604.49	2,604.49	2,604.49
(=) Excess Retained per Share	8.37	9.80	10.76
LTM Dividend per Share	6.98	6.98	6.98
(+) Excess Retained per Share	8.37	9.80	10.76
(=) Adjusted Dividend	15.35	16.79	17.74
WACC / Discount Rate	-0.33%	-0.33%	-0.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,238.12	$3,575.26	$3,815.05
Upside / Downside	279.17%	318.65%	346.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,962.27	53,209.82	56,668.46	60,351.91	64,274.78	68,452.65	70,506.22
Payout Ratio	36.39%	47.11%	57.84%	68.56%	79.28%	90.00%	92.50%
Projected Dividends (M)	18,182.80	25,069.52	32,774.68	41,375.60	50,956.16	61,607.38	65,218.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.33%	-0.33%	-0.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24,915.86	25,152.03	25,388.20
Year 2 PV (M)	32,374.16	32,990.79	33,613.25
Year 3 PV (M)	40,619.47	41,785.51	42,973.65
Year 4 PV (M)	49,718.35	51,630.37	53,597.03
Year 5 PV (M)	59,742.41	62,627.99	65,624.01
PV of Terminal Value (M)	6,324,398.03	6,629,868.82	6,947,030.70
Equity Value (M)	6,531,768.28	6,844,055.52	7,168,226.84
Shares Outstanding (M)	2,604.49	2,604.49	2,604.49
Fair Value	$2,507.89	$2,627.79	$2,752.26
Upside / Downside	193.66%	207.70%	222.28%

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Delta Electronics, Inc. (2308.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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