DDM Analysis: 6449.TW

Valuation Snapshot

Stable Growth	$414.97 - $1,149.39	$1,077.14
Multi-Stage	$161.20 - $176.40	$168.66
Blended Fair Value	$622.90
Current Price	$112.00
Upside	456.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.45%	14.33%	2.29	2.29	2.01	1.91	0.96	0.94	1.77	1.44	1.28	1.33
YoY Growth	-	-	0.00%	13.71%	5.26%	99.96%	1.61%	-46.75%	22.76%	12.50%	-3.42%	120.82%
Dividend Yield	-	-	2.03%	2.74%	3.61%	3.43%	1.42%	4.02%	5.57%	2.57%	3.68%	4.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	510.72
(-) Cash Dividends Paid (M)	202.29
(=) Cash Retained (M)	308.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	102.14	63.84	38.30
Cash Retained (M)	308.43	308.43	308.43
(-) Cash Required (M)	-102.14	-63.84	-38.30
(=) Excess Retained (M)	206.28	244.59	270.12
(/) Shares Outstanding (M)	88.37	88.37	88.37
(=) Excess Retained per Share	2.33	2.77	3.06
LTM Dividend per Share	2.29	2.29	2.29
(+) Excess Retained per Share	2.33	2.77	3.06
(=) Adjusted Dividend	4.62	5.06	5.35
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$414.97	$1,077.14	$1,149.39
Upside / Downside	270.51%	861.74%	926.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	510.72	543.92	579.27	616.92	657.02	699.73	720.72
Payout Ratio	39.61%	49.69%	59.77%	69.84%	79.92%	90.00%	92.50%
Projected Dividends (M)	202.29	270.26	346.21	430.88	525.11	629.76	666.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	250.97	253.35	255.73
Year 2 PV (M)	298.55	304.23	309.97
Year 3 PV (M)	345.04	354.95	365.04
Year 4 PV (M)	390.48	405.50	420.94
Year 5 PV (M)	434.88	455.88	477.69
PV of Terminal Value (M)	12,525.27	13,130.25	13,758.38
Equity Value (M)	14,245.19	14,904.15	15,587.75
Shares Outstanding (M)	88.37	88.37	88.37
Fair Value	$161.20	$168.66	$176.40
Upside / Downside	43.93%	50.59%	57.50%

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Apaq Technology Co., Ltd. (6449.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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