DDM Analysis: 6691.TW

Valuation Snapshot

Stable Growth	$2,090.26 - $4,530.12	$4,245.39
Multi-Stage	$695.36 - $760.51	$727.34
Blended Fair Value	$2,486.37
Current Price	$442.50
Upside	461.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	42.90%	0.00%	11.92	11.00	8.11	2.21	3.50	2.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	8.37%	35.71%	267.50%	-37.00%	75.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.51%	3.91%	5.30%	0.00%	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)	2,671.82
(-) Cash Dividends Paid (M)	1,677.87
(=) Cash Retained (M)	993.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	534.36	333.98	200.39
Cash Retained (M)	993.95	993.95	993.95
(-) Cash Required (M)	-534.36	-333.98	-200.39
(=) Excess Retained (M)	459.58	659.97	793.56
(/) Shares Outstanding (M)	117.29	117.29	117.29
(=) Excess Retained per Share	3.92	5.63	6.77
LTM Dividend per Share	14.30	14.30	14.30
(+) Excess Retained per Share	3.92	5.63	6.77
(=) Adjusted Dividend	18.22	19.93	21.07
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,090.26	$4,245.39	$4,530.12
Upside / Downside	372.38%	859.41%	923.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,671.82	2,845.49	3,030.45	3,227.43	3,437.21	3,660.63	3,770.45
Payout Ratio	62.80%	68.24%	73.68%	79.12%	84.56%	90.00%	92.50%
Projected Dividends (M)	1,677.87	1,941.74	2,232.81	2,553.52	2,906.50	3,294.56	3,487.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,807.47	1,824.60	1,841.73
Year 2 PV (M)	1,934.70	1,971.55	2,008.75
Year 3 PV (M)	2,059.59	2,118.72	2,178.96
Year 4 PV (M)	2,182.19	2,266.11	2,352.43
Year 5 PV (M)	2,302.51	2,413.72	2,529.19
PV of Terminal Value (M)	71,275.84	74,718.49	78,292.90
Equity Value (M)	81,562.30	85,313.19	89,203.96
Shares Outstanding (M)	117.29	117.29	117.29
Fair Value	$695.36	$727.34	$760.51
Upside / Downside	57.14%	64.37%	71.87%

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Yankey Engineering Co., Ltd. (6691.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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