DDM Analysis: 3029.TW

Valuation Snapshot

Stable Growth	$94.07 - $178.55	$128.17
Multi-Stage	$78.89 - $85.72	$82.24
Blended Fair Value	$105.21
Current Price	$106.50
Upside	-1.22%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.35%	22.61%	3.73	3.32	3.31	2.28	1.51	1.11	0.96	0.88	0.73	0.29
YoY Growth	-	-	12.22%	0.57%	45.03%	51.39%	35.19%	15.75%	8.72%	20.97%	155.99%	-41.18%
Dividend Yield	-	-	3.06%	4.61%	6.00%	5.12%	3.29%	3.98%	3.99%	4.14%	3.78%	1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	974.38
(-) Cash Dividends Paid (M)	835.03
(=) Cash Retained (M)	139.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.88	121.80	73.08
Cash Retained (M)	139.36	139.36	139.36
(-) Cash Required (M)	-194.88	-121.80	-73.08
(=) Excess Retained (M)	-55.52	17.56	66.28
(/) Shares Outstanding (M)	165.80	165.80	165.80
(=) Excess Retained per Share	-0.33	0.11	0.40
LTM Dividend per Share	5.04	5.04	5.04
(+) Excess Retained per Share	-0.33	0.11	0.40
(=) Adjusted Dividend	4.70	5.14	5.44
WACC / Discount Rate	10.77%	10.77%	10.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$94.07	$128.17	$178.55
Upside / Downside	-11.67%	20.35%	67.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	974.38	1,037.72	1,105.17	1,177.01	1,253.51	1,334.99	1,375.04
Payout Ratio	85.70%	86.56%	87.42%	88.28%	89.14%	90.00%	92.50%
Projected Dividends (M)	835.03	898.23	966.13	1,039.05	1,117.38	1,201.49	1,271.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.77%	10.77%	10.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	803.26	810.88	818.49
Year 2 PV (M)	772.63	787.35	802.20
Year 3 PV (M)	743.09	764.42	786.16
Year 4 PV (M)	714.62	742.10	770.37
Year 5 PV (M)	687.17	720.36	754.82
PV of Terminal Value (M)	9,358.58	9,810.60	10,279.92
Equity Value (M)	13,079.35	13,635.71	14,211.96
Shares Outstanding (M)	165.80	165.80	165.80
Fair Value	$78.89	$82.24	$85.72
Upside / Downside	-25.93%	-22.78%	-19.51%

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Zero One Technology Co., Ltd. (3029.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener