DDM Analysis: 8261.TW

Valuation Snapshot

Stable Growth	$106.41 - $258.21	$158.19
Multi-Stage	$103.54 - $113.30	$108.33
Blended Fair Value	$133.26
Current Price	$81.40
Upside	63.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.36%	0.00%	2.48	4.93	4.10	0.68	0.34	0.68	0.31	0.48	0.69	0.61
YoY Growth	-	-	-49.77%	20.21%	500.00%	100.00%	-50.00%	122.28%	-35.67%	-30.27%	12.25%	0.00%
Dividend Yield	-	-	3.07%	5.54%	3.94%	0.62%	0.58%	3.84%	1.05%	1.77%	2.44%	2.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	594.17
(-) Cash Dividends Paid (M)	294.70
(=) Cash Retained (M)	299.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	118.83	74.27	44.56
Cash Retained (M)	299.46	299.46	299.46
(-) Cash Required (M)	-118.83	-74.27	-44.56
(=) Excess Retained (M)	180.63	225.19	254.90
(/) Shares Outstanding (M)	119.06	119.06	119.06
(=) Excess Retained per Share	1.52	1.89	2.14
LTM Dividend per Share	2.48	2.48	2.48
(+) Excess Retained per Share	1.52	1.89	2.14
(=) Adjusted Dividend	3.99	4.37	4.62
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	3.65%	4.65%	5.65%
Fair Value	$106.41	$158.19	$258.21
Upside / Downside	30.73%	94.34%	217.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	594.17	621.79	650.70	680.95	712.61	745.74	768.11
Payout Ratio	49.60%	57.68%	65.76%	73.84%	81.92%	90.00%	92.50%
Projected Dividends (M)	294.70	358.65	427.90	502.81	583.77	671.17	710.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	3.65%	4.65%	5.65%
Year 1 PV (M)	330.32	333.51	336.69
Year 2 PV (M)	362.97	370.01	377.12
Year 3 PV (M)	392.84	404.32	416.02
Year 4 PV (M)	420.06	436.51	453.44
Year 5 PV (M)	444.81	466.68	489.41
PV of Terminal Value (M)	10,376.35	10,886.65	11,416.84
Equity Value (M)	12,327.35	12,897.68	13,489.52
Shares Outstanding (M)	119.06	119.06	119.06
Fair Value	$103.54	$108.33	$113.30
Upside / Downside	27.20%	33.08%	39.19%

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Advanced Power Electronics Co., Ltd. (8261.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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