DDM Analysis: 3715.TW

Valuation Snapshot

Stable Growth	$80.66 - $220.47	$124.47
Multi-Stage	$89.17 - $97.57	$93.29
Blended Fair Value	$108.88
Current Price	$45.30
Upside	140.36%
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%	1.50	0.80	0.70	0.40	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	87.59%	14.30%	75.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.33%	1.08%	3.06%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	952.11
(-) Cash Dividends Paid (M)	833.01
(=) Cash Retained (M)	119.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	190.42	119.01	71.41
Cash Retained (M)	119.10	119.10	119.10
(-) Cash Required (M)	-190.42	-119.01	-71.41
(=) Excess Retained (M)	-71.32	0.08	47.69
(/) Shares Outstanding (M)	277.07	277.07	277.07
(=) Excess Retained per Share	-0.26	0.00	0.17
LTM Dividend per Share	3.01	3.01	3.01
(+) Excess Retained per Share	-0.26	0.00	0.17
(=) Adjusted Dividend	2.75	3.01	3.18
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.16%	4.16%	5.16%
Fair Value	$80.66	$124.47	$220.47
Upside / Downside	78.05%	174.77%	386.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	952.11	991.71	1,032.96	1,075.92	1,120.68	1,167.29	1,202.31
Payout Ratio	87.49%	87.99%	88.49%	89.00%	89.50%	90.00%	92.50%
Projected Dividends (M)	833.01	872.64	914.11	957.53	1,002.99	1,050.56	1,112.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.16%	4.16%	5.16%
Year 1 PV (M)	810.17	818.03	825.88
Year 2 PV (M)	787.94	803.29	818.79
Year 3 PV (M)	766.29	788.79	811.73
Year 4 PV (M)	745.21	774.53	804.70
Year 5 PV (M)	724.69	760.50	797.71
PV of Terminal Value (M)	20,872.50	21,903.97	22,975.82
Equity Value (M)	24,706.80	25,849.10	27,034.63
Shares Outstanding (M)	277.07	277.07	277.07
Fair Value	$89.17	$93.29	$97.57
Upside / Downside	96.85%	105.95%	115.39%

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Dynamic Holding Co., Ltd. (3715.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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