DDM Analysis: 8415.TWO

Valuation Snapshot

Stable Growth	$85.27 - $435.85	$153.02
Multi-Stage	$55.82 - $60.98	$58.36
Blended Fair Value	$105.69
Current Price	$33.55
Upside	215.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.20%	15.55%	1.49	1.79	1.81	1.40	1.41	2.41	0.60	0.56	0.35	0.23
YoY Growth	-	-	-16.95%	-0.93%	29.65%	-0.83%	-41.67%	304.84%	6.69%	59.22%	50.00%	-33.33%
Dividend Yield	-	-	4.17%	5.30%	5.02%	3.64%	5.18%	8.94%	1.66%	2.56%	2.14%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,702.13
(-) Cash Dividends Paid (M)	1,517.39
(=) Cash Retained (M)	1,184.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	540.43	337.77	202.66
Cash Retained (M)	1,184.75	1,184.75	1,184.75
(-) Cash Required (M)	-540.43	-337.77	-202.66
(=) Excess Retained (M)	644.32	846.98	982.09
(/) Shares Outstanding (M)	1,025.95	1,025.95	1,025.95
(=) Excess Retained per Share	0.63	0.83	0.96
LTM Dividend per Share	1.48	1.48	1.48
(+) Excess Retained per Share	0.63	0.83	0.96
(=) Adjusted Dividend	2.11	2.30	2.44
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$85.27	$153.02	$435.85
Upside / Downside	154.14%	356.10%	1,199.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,702.13	2,869.05	3,046.29	3,234.47	3,434.28	3,646.44	3,755.83
Payout Ratio	56.16%	62.92%	69.69%	76.46%	83.23%	90.00%	92.50%
Projected Dividends (M)	1,517.39	1,805.33	2,123.05	2,473.15	2,858.39	3,281.79	3,474.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.78%	7.78%	7.78%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	1,659.29	1,675.06	1,690.84
Year 2 PV (M)	1,793.47	1,827.73	1,862.32
Year 3 PV (M)	1,920.21	1,975.50	2,031.84
Year 4 PV (M)	2,039.79	2,118.48	2,199.42
Year 5 PV (M)	2,152.49	2,256.78	2,365.08
PV of Terminal Value (M)	47,704.81	50,016.17	52,416.27
Equity Value (M)	57,270.05	59,869.72	62,565.77
Shares Outstanding (M)	1,025.95	1,025.95	1,025.95
Fair Value	$55.82	$58.36	$60.98
Upside / Downside	66.38%	73.94%	81.77%

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Brighton-Best International (Taiwan) Inc. (8415.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener