DDM Analysis: 2414.TW

Valuation Snapshot

Stable Growth	$96.51 - $443.86	$169.65
Multi-Stage	$61.92 - $67.56	$64.69
Blended Fair Value	$117.17
Current Price	$40.50
Upside	189.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.46%	8.20%	2.19	2.67	2.90	1.81	1.51	1.53	1.48	1.38	1.24	1.19
YoY Growth	-	-	-18.12%	-7.85%	60.32%	19.88%	-1.19%	3.37%	7.23%	10.82%	4.17%	20.00%
Dividend Yield	-	-	5.69%	7.42%	8.53%	4.90%	5.37%	7.41%	7.17%	6.72%	6.66%	7.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	500.56
(-) Cash Dividends Paid (M)	355.82
(=) Cash Retained (M)	144.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.11	62.57	37.54
Cash Retained (M)	144.74	144.74	144.74
(-) Cash Required (M)	-100.11	-62.57	-37.54
(=) Excess Retained (M)	44.63	82.17	107.20
(/) Shares Outstanding (M)	162.74	162.74	162.74
(=) Excess Retained per Share	0.27	0.50	0.66
LTM Dividend per Share	2.19	2.19	2.19
(+) Excess Retained per Share	0.27	0.50	0.66
(=) Adjusted Dividend	2.46	2.69	2.85
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	5.46%	6.46%	7.46%
Fair Value	$96.51	$169.65	$443.86
Upside / Downside	138.29%	318.90%	995.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	500.56	532.90	567.32	603.96	642.98	684.51	705.05
Payout Ratio	71.08%	74.87%	78.65%	82.43%	86.22%	90.00%	92.50%
Projected Dividends (M)	355.82	398.96	446.20	497.87	554.36	616.06	652.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	5.46%	6.46%	7.46%
Year 1 PV (M)	365.44	368.90	372.37
Year 2 PV (M)	374.36	381.49	388.69
Year 3 PV (M)	382.61	393.60	404.80
Year 4 PV (M)	390.22	405.24	420.68
Year 5 PV (M)	397.22	416.41	436.34
PV of Terminal Value (M)	8,167.57	8,562.22	8,971.98
Equity Value (M)	10,077.42	10,527.86	10,994.85
Shares Outstanding (M)	162.74	162.74	162.74
Fair Value	$61.92	$64.69	$67.56
Upside / Downside	52.89%	59.73%	66.81%

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Financial Statements

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Unitech Computer Co., Ltd. (2414.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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