DDM Analysis: 2603.TW

Valuation Snapshot

Stable Growth	$3,512.36 - $8,336.39	$7,812.42
Multi-Stage	$1,258.95 - $1,376.08	$1,316.45
Blended Fair Value	$4,564.43
Current Price	$179.00
Upside	2,449.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	9.90	68.42	43.99	6.08	0.00	0.00	0.37	0.00	0.00	0.16
YoY Growth	-	-	-85.53%	55.56%	623.91%	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	4.49%	40.85%	27.75%	1.80%	0.00%	0.00%	1.26%	0.00%	0.00%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90,761.29
(-) Cash Dividends Paid (M)	70,363.90
(=) Cash Retained (M)	20,397.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,152.26	11,345.16	6,807.10
Cash Retained (M)	20,397.39	20,397.39	20,397.39
(-) Cash Required (M)	-18,152.26	-11,345.16	-6,807.10
(=) Excess Retained (M)	2,245.13	9,052.23	13,590.29
(/) Shares Outstanding (M)	2,165.22	2,165.22	2,165.22
(=) Excess Retained per Share	1.04	4.18	6.28
LTM Dividend per Share	32.50	32.50	32.50
(+) Excess Retained per Share	1.04	4.18	6.28
(=) Adjusted Dividend	33.53	36.68	38.77
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,512.36	$7,812.42	$8,336.39
Upside / Downside	1,862.21%	4,264.48%	4,557.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90,761.29	96,660.77	102,943.72	109,635.06	116,761.34	124,350.83	128,081.35
Payout Ratio	77.53%	80.02%	82.52%	85.01%	87.51%	90.00%	92.50%
Projected Dividends (M)	70,363.90	77,348.98	84,944.83	93,201.35	102,172.32	111,915.75	118,475.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71,941.29	72,623.20	73,305.11
Year 2 PV (M)	73,482.56	74,882.19	76,295.03
Year 3 PV (M)	74,988.24	77,140.88	79,334.33
Year 4 PV (M)	76,458.86	79,399.26	82,423.65
Year 5 PV (M)	77,894.97	81,657.32	85,563.68
PV of Terminal Value (M)	2,351,137.25	2,464,698.06	2,582,605.11
Equity Value (M)	2,725,903.16	2,850,400.91	2,979,526.90
Shares Outstanding (M)	2,165.22	2,165.22	2,165.22
Fair Value	$1,258.95	$1,316.45	$1,376.08
Upside / Downside	603.32%	635.44%	668.76%

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Evergreen Marine Corporation (Taiwan) Ltd. (2603.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener