DDM Analysis: 2542.TW

Valuation Snapshot

Stable Growth	$70.20 - $265.11	$118.16
Multi-Stage	$71.99 - $78.95	$75.40
Blended Fair Value	$96.78
Current Price	$40.25
Upside	140.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-22.20%	5.29%	0.97	0.50	3.16	1.22	1.32	3.41	1.88	2.68	3.72	2.04
YoY Growth	-	-	95.03%	-84.22%	159.36%	-7.55%	-61.37%	81.40%	-30.00%	-27.81%	82.12%	251.76%
Dividend Yield	-	-	2.35%	1.43%	9.75%	3.75%	4.23%	12.94%	5.68%	9.17%	10.73%	6.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,244.22
(-) Cash Dividends Paid (M)	2,063.11
(=) Cash Retained (M)	3,181.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,048.84	655.53	393.32
Cash Retained (M)	3,181.11	3,181.11	3,181.11
(-) Cash Required (M)	-1,048.84	-655.53	-393.32
(=) Excess Retained (M)	2,132.26	2,525.58	2,787.79
(/) Shares Outstanding (M)	2,123.28	2,123.28	2,123.28
(=) Excess Retained per Share	1.00	1.19	1.31
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	1.00	1.19	1.31
(=) Adjusted Dividend	1.98	2.16	2.28
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	3.29%	4.29%	5.29%
Fair Value	$70.20	$118.16	$265.11
Upside / Downside	74.40%	193.57%	558.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,244.22	5,469.03	5,703.49	5,948.00	6,202.98	6,468.90	6,662.97
Payout Ratio	39.34%	49.47%	59.60%	69.74%	79.87%	90.00%	92.50%
Projected Dividends (M)	2,063.11	2,705.67	3,399.53	4,147.91	4,954.21	5,822.01	6,163.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	3.29%	4.29%	5.29%
Year 1 PV (M)	2,523.42	2,547.85	2,572.28
Year 2 PV (M)	2,956.98	3,014.51	3,072.60
Year 3 PV (M)	3,364.90	3,463.59	3,564.18
Year 4 PV (M)	3,748.28	3,895.56	4,047.14
Year 5 PV (M)	4,108.14	4,310.89	4,521.58
PV of Terminal Value (M)	136,146.72	142,866.29	149,848.59
Equity Value (M)	152,848.43	160,098.68	167,626.36
Shares Outstanding (M)	2,123.28	2,123.28	2,123.28
Fair Value	$71.99	$75.40	$78.95
Upside / Downside	78.85%	87.33%	96.14%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Ticker

Industry

Sector

Highwealth Construction Corp. (2542.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener