DDM Analysis: 2640.TWO

Valuation Snapshot

Stable Growth	$1,523.25 - $1,794.65	$1,681.85
Multi-Stage	$1,570.46 - $1,723.17	$1,645.39
Blended Fair Value	$1,663.62
Current Price	$129.00
Upside	1,189.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	16.05%	0.00%	6.00	5.00	3.50	3.71	3.36	2.85	0.00	0.00	0.00	0.00
YoY Growth	-	-	20.01%	42.86%	-5.77%	10.68%	17.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.56%	4.25%	3.04%	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)	534.89
(-) Cash Dividends Paid (M)	414.86
(=) Cash Retained (M)	120.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.98	66.86	40.12
Cash Retained (M)	120.04	120.04	120.04
(-) Cash Required (M)	-106.98	-66.86	-40.12
(=) Excess Retained (M)	13.06	53.18	79.92
(/) Shares Outstanding (M)	59.27	59.27	59.27
(=) Excess Retained per Share	0.22	0.90	1.35
LTM Dividend per Share	7.00	7.00	7.00
(+) Excess Retained per Share	0.22	0.90	1.35
(=) Adjusted Dividend	7.22	7.90	8.35
WACC / Discount Rate	-5.81%	-5.81%	-5.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,523.25	$1,681.85	$1,794.65
Upside / Downside	1,080.82%	1,203.76%	1,291.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	534.89	569.66	606.69	646.13	688.12	732.85	754.84
Payout Ratio	77.56%	80.05%	82.54%	85.02%	87.51%	90.00%	92.50%
Projected Dividends (M)	414.86	456.00	500.73	549.36	602.19	659.57	698.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-5.81%	-5.81%	-5.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	479.56	484.11	488.66
Year 2 PV (M)	553.83	564.38	575.03
Year 3 PV (M)	639.02	657.36	676.05
Year 4 PV (M)	736.67	765.00	794.14
Year 5 PV (M)	848.57	889.56	932.11
PV of Terminal Value (M)	89,830.46	94,169.30	98,674.20
Equity Value (M)	93,088.11	97,529.71	102,140.19
Shares Outstanding (M)	59.27	59.27	59.27
Fair Value	$1,570.46	$1,645.39	$1,723.17
Upside / Downside	1,117.41%	1,175.50%	1,235.79%

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Taiwan Taxi Co.,Ltd. (2640.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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