DDM Analysis: 3406.TW

Valuation Snapshot

Stable Growth	$687.72 - $1,775.94	$1,042.85
Multi-Stage	$494.41 - $539.05	$516.33
Blended Fair Value	$779.59
Current Price	$428.00
Upside	82.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.69%	0.00%	11.98	12.05	8.04	10.01	8.94	3.14	3.09	0.00	0.00	0.00
YoY Growth	-	-	-0.55%	49.78%	-19.68%	11.99%	184.49%	1.64%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.06%	2.46%	2.09%	2.20%	1.85%	0.76%	0.79%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,384.53
(-) Cash Dividends Paid (M)	2,029.38
(=) Cash Retained (M)	1,355.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	676.91	423.07	253.84
Cash Retained (M)	1,355.15	1,355.15	1,355.15
(-) Cash Required (M)	-676.91	-423.07	-253.84
(=) Excess Retained (M)	678.25	932.08	1,101.31
(/) Shares Outstanding (M)	112.93	112.93	112.93
(=) Excess Retained per Share	6.01	8.25	9.75
LTM Dividend per Share	17.97	17.97	17.97
(+) Excess Retained per Share	6.01	8.25	9.75
(=) Adjusted Dividend	23.98	26.22	27.72
WACC / Discount Rate	9.18%	9.18%	9.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$687.72	$1,042.85	$1,775.94
Upside / Downside	60.68%	143.66%	314.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,384.53	3,604.52	3,838.81	4,088.34	4,354.08	4,637.09	4,776.21
Payout Ratio	59.96%	65.97%	71.98%	77.98%	83.99%	90.00%	92.50%
Projected Dividends (M)	2,029.38	2,377.84	2,763.03	3,188.25	3,657.08	4,173.38	4,417.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.18%	9.18%	9.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,157.50	2,177.95	2,198.40
Year 2 PV (M)	2,274.68	2,318.01	2,361.74
Year 3 PV (M)	2,381.53	2,449.89	2,519.55
Year 4 PV (M)	2,478.59	2,573.91	2,671.95
Year 5 PV (M)	2,566.41	2,690.36	2,819.07
PV of Terminal Value (M)	43,975.31	46,099.34	48,304.65
Equity Value (M)	55,834.01	58,309.46	60,875.36
Shares Outstanding (M)	112.93	112.93	112.93
Fair Value	$494.41	$516.33	$539.05
Upside / Downside	15.52%	20.64%	25.95%

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Financial Statements

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Sector

Genius Electronic Optical Co., Ltd (3406.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener