DDM Analysis: 6215.TW

Valuation Snapshot

Stable Growth	$43.61 - $130.57	$69.12
Multi-Stage	$46.13 - $50.54	$48.29
Blended Fair Value	$58.70
Current Price	$102.00
Upside	-42.45%
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	14.87%	5.24%	1.00	1.79	1.79	0.50	0.50	0.50	0.60	0.50	0.25	1.00
YoY Growth	-	-	-44.44%	0.00%	260.00%	0.00%	0.00%	-16.67%	20.00%	100.00%	-75.00%	66.67%
Dividend Yield	-	-	1.23%	5.06%	6.65%	1.84%	2.12%	4.45%	3.15%	2.23%	1.92%	7.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.78
(-) Cash Dividends Paid (M)	82.79
(=) Cash Retained (M)	61.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.96	18.10	10.86
Cash Retained (M)	61.99	61.99	61.99
(-) Cash Required (M)	-28.96	-18.10	-10.86
(=) Excess Retained (M)	33.04	43.90	51.14
(/) Shares Outstanding (M)	83.12	83.12	83.12
(=) Excess Retained per Share	0.40	0.53	0.62
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	0.40	0.53	0.62
(=) Adjusted Dividend	1.39	1.52	1.61
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.24%	4.24%	5.24%
Fair Value	$43.61	$69.12	$130.57
Upside / Downside	-57.24%	-32.24%	28.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.78	150.92	157.32	164.00	170.95	178.20	183.55
Payout Ratio	57.18%	63.75%	70.31%	76.87%	83.44%	90.00%	92.50%
Projected Dividends (M)	82.79	96.21	110.61	126.07	142.64	160.38	169.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.24%	4.24%	5.24%
Year 1 PV (M)	89.44	90.30	91.17
Year 2 PV (M)	95.59	97.45	99.33
Year 3 PV (M)	101.28	104.25	107.28
Year 4 PV (M)	106.52	110.71	115.02
Year 5 PV (M)	111.34	116.84	122.56
PV of Terminal Value (M)	3,330.04	3,494.47	3,665.34
Equity Value (M)	3,834.21	4,014.03	4,200.69
Shares Outstanding (M)	83.12	83.12	83.12
Fair Value	$46.13	$48.29	$50.54
Upside / Downside	-54.78%	-52.66%	-50.46%

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Aurotek Corporation (6215.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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