DDM Analysis: 5474.TWO

Valuation Snapshot

Stable Growth	$71.47 - $117.88	$92.07
Multi-Stage	$136.31 - $149.68	$142.87
Blended Fair Value	$117.47
Current Price	$171.00
Upside	-31.30%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.66%	5.14%	3.50	3.80	5.00	6.66	3.82	3.22	2.80	2.80	3.56	2.97
YoY Growth	-	-	-7.89%	-24.00%	-25.00%	74.62%	18.42%	15.15%	0.00%	-21.43%	20.00%	40.00%
Dividend Yield	-	-	2.24%	2.81%	5.47%	6.90%	2.01%	5.95%	4.40%	5.63%	6.30%	5.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	250.33
(-) Cash Dividends Paid (M)	159.03
(=) Cash Retained (M)	91.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.07	31.29	18.77
Cash Retained (M)	91.30	91.30	91.30
(-) Cash Required (M)	-50.07	-31.29	-18.77
(=) Excess Retained (M)	41.24	60.01	72.53
(/) Shares Outstanding (M)	39.78	39.78	39.78
(=) Excess Retained per Share	1.04	1.51	1.82
LTM Dividend per Share	4.00	4.00	4.00
(+) Excess Retained per Share	1.04	1.51	1.82
(=) Adjusted Dividend	5.03	5.51	5.82
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-0.34%	0.66%	1.66%
Fair Value	$71.47	$92.07	$117.88
Upside / Downside	-58.21%	-46.16%	-31.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	250.33	251.98	253.63	255.30	256.98	258.66	266.42
Payout Ratio	63.53%	68.82%	74.12%	79.41%	84.71%	90.00%	92.50%
Projected Dividends (M)	159.03	173.41	187.98	202.73	217.67	232.80	246.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-0.34%	0.66%	1.66%
Year 1 PV (M)	160.95	162.56	164.18
Year 2 PV (M)	161.92	165.19	168.49
Year 3 PV (M)	162.07	167.00	172.03
Year 4 PV (M)	161.51	168.09	174.87
Year 5 PV (M)	160.31	168.52	177.05
PV of Terminal Value (M)	4,616.21	4,852.51	5,098.39
Equity Value (M)	5,422.97	5,683.87	5,955.00
Shares Outstanding (M)	39.78	39.78	39.78
Fair Value	$136.31	$142.87	$149.68
Upside / Downside	-20.29%	-16.45%	-12.47%

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Yuan High-Tech Development Co., Ltd. (5474.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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