DDM Analysis: 2614.TW

Valuation Snapshot

Stable Growth	$18.31 - $28.41	$22.98
Multi-Stage	$41.20 - $45.43	$43.28
Blended Fair Value	$33.13
Current Price	$22.10
Upside	49.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	1.61	1.35	1.69	1.69	0.92	0.00	0.03	0.31
YoY Growth	-	-	0.00%	-100.00%	18.75%	-20.00%	0.00%	84.24%	0.00%	-100.00%	-91.63%	-70.33%
Dividend Yield	-	-	0.00%	0.00%	5.87%	2.68%	5.82%	9.93%	4.11%	0.00%	0.13%	2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	642.01
(-) Cash Dividends Paid (M)	75.18
(=) Cash Retained (M)	566.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	128.40	80.25	48.15
Cash Retained (M)	566.83	566.83	566.83
(-) Cash Required (M)	-128.40	-80.25	-48.15
(=) Excess Retained (M)	438.43	486.58	518.68
(/) Shares Outstanding (M)	329.51	329.51	329.51
(=) Excess Retained per Share	1.33	1.48	1.57
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	1.33	1.48	1.57
(=) Adjusted Dividend	1.56	1.70	1.80
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.31	$22.98	$28.41
Upside / Downside	-17.16%	3.99%	28.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	642.01	635.59	629.23	622.94	616.71	610.54	628.86
Payout Ratio	11.71%	27.37%	43.03%	58.68%	74.34%	90.00%	92.50%
Projected Dividends (M)	75.18	173.95	270.73	365.57	458.47	549.49	581.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	161.92	163.57	165.22
Year 2 PV (M)	234.58	239.40	244.26
Year 3 PV (M)	294.85	303.97	313.27
Year 4 PV (M)	344.21	358.48	373.18
Year 5 PV (M)	384.02	404.01	424.83
PV of Terminal Value (M)	12,157.09	12,790.13	13,449.28
Equity Value (M)	13,576.67	14,259.56	14,970.05
Shares Outstanding (M)	329.51	329.51	329.51
Fair Value	$41.20	$43.28	$45.43
Upside / Downside	86.44%	95.82%	105.57%

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Eastern Media International Corporation (2614.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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