DDM Analysis: 3056.TW

Valuation Snapshot

Stable Growth	$674.08 - $1,104.02	$1,034.63
Multi-Stage	$175.37 - $192.21	$183.64
Blended Fair Value	$609.13
Current Price	$24.81
Upside	2,355.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.87%	-6.33%	0.28	1.98	0.63	1.84	1.25	0.62	0.92	1.14	1.14	0.17
YoY Growth	-	-	-85.90%	213.40%	-65.76%	47.72%	100.07%	-32.28%	-19.58%	0.00%	566.35%	-67.96%
Dividend Yield	-	-	1.00%	9.64%	2.71%	10.74%	6.50%	4.35%	9.98%	9.39%	9.88%	1.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,794.55
(-) Cash Dividends Paid (M)	140.33
(=) Cash Retained (M)	2,654.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	558.91	349.32	209.59
Cash Retained (M)	2,654.22	2,654.22	2,654.22
(-) Cash Required (M)	-558.91	-349.32	-209.59
(=) Excess Retained (M)	2,095.31	2,304.90	2,444.63
(/) Shares Outstanding (M)	503.40	503.40	503.40
(=) Excess Retained per Share	4.16	4.58	4.86
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	4.16	4.58	4.86
(=) Adjusted Dividend	4.44	4.86	5.13
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$674.08	$1,034.63	$1,104.02
Upside / Downside	2,616.95%	4,070.21%	4,349.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,794.55	2,976.20	3,169.65	3,375.68	3,595.09	3,828.78	3,943.64
Payout Ratio	5.02%	22.02%	39.01%	56.01%	73.00%	90.00%	92.50%
Projected Dividends (M)	140.33	655.28	1,236.57	1,890.67	2,624.57	3,445.90	3,647.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	611.26	617.05	622.85
Year 2 PV (M)	1,076.01	1,096.51	1,117.20
Year 3 PV (M)	1,534.66	1,578.71	1,623.60
Year 4 PV (M)	1,987.25	2,063.68	2,142.28
Year 5 PV (M)	2,433.86	2,551.41	2,673.47
PV of Terminal Value (M)	80,640.00	84,534.94	88,578.95
Equity Value (M)	88,283.03	92,442.30	96,758.34
Shares Outstanding (M)	503.40	503.40	503.40
Fair Value	$175.37	$183.64	$192.21
Upside / Downside	606.86%	640.17%	674.72%

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Fu Hua Innovation Co. Ltd. (3056.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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