DDM Analysis: 2468.TW

Valuation Snapshot

Stable Growth	$72.84 - $227.39	$213.10
Multi-Stage	$31.46 - $34.37	$32.88
Blended Fair Value	$122.99
Current Price	$53.00
Upside	132.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.86%	10.31%	0.80	0.60	0.40	0.40	0.50	0.50	0.40	0.50	0.50	0.50
YoY Growth	-	-	33.34%	50.00%	0.00%	-20.00%	0.00%	25.00%	-20.00%	0.00%	0.00%	66.67%
Dividend Yield	-	-	1.54%	1.99%	1.60%	2.96%	3.65%	3.86%	3.33%	3.84%	4.33%	4.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.36
(-) Cash Dividends Paid (M)	62.97
(=) Cash Retained (M)	17.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.07	10.04	6.03
Cash Retained (M)	17.39	17.39	17.39
(-) Cash Required (M)	-16.07	-10.04	-6.03
(=) Excess Retained (M)	1.32	7.35	11.36
(/) Shares Outstanding (M)	70.28	70.28	70.28
(=) Excess Retained per Share	0.02	0.10	0.16
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	0.02	0.10	0.16
(=) Adjusted Dividend	0.91	1.00	1.06
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.84	$213.10	$227.39
Upside / Downside	37.43%	302.07%	329.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.36	85.58	91.14	97.07	103.38	110.10	113.40
Payout Ratio	78.36%	80.69%	83.01%	85.34%	87.67%	90.00%	92.50%
Projected Dividends (M)	62.97	69.05	75.66	82.84	90.63	99.09	104.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	64.03	64.64	65.25
Year 2 PV (M)	65.06	66.30	67.55
Year 3 PV (M)	66.06	67.96	69.89
Year 4 PV (M)	67.02	69.60	72.25
Year 5 PV (M)	67.95	71.23	74.64
PV of Terminal Value (M)	1,880.55	1,971.38	2,065.69
Equity Value (M)	2,210.67	2,311.10	2,415.26
Shares Outstanding (M)	70.28	70.28	70.28
Fair Value	$31.46	$32.88	$34.37
Upside / Downside	-40.65%	-37.95%	-35.16%

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Fortune Information Systems Corp (2468.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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