DDM Analysis: 8926.TW

Valuation Snapshot

Stable Growth	$56.83 - $153.92	$87.45
Multi-Stage	$41.52 - $45.21	$43.33
Blended Fair Value	$65.39
Current Price	$47.65
Upside	37.23%
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	9.79%	7.14%	1.93	0.85	1.41	1.53	1.37	1.21	1.05	0.97	1.05	1.29
YoY Growth	-	-	127.88%	-40.00%	-7.89%	11.76%	13.33%	15.38%	8.33%	-7.69%	-18.75%	33.33%
Dividend Yield	-	-	4.69%	1.78%	3.69%	4.42%	3.92%	4.57%	4.40%	3.99%	4.97%	5.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,743.35
(-) Cash Dividends Paid (M)	1,533.59
(=) Cash Retained (M)	209.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	348.67	217.92	130.75
Cash Retained (M)	209.75	209.75	209.75
(-) Cash Required (M)	-348.67	-217.92	-130.75
(=) Excess Retained (M)	-138.92	-8.17	79.00
(/) Shares Outstanding (M)	731.34	731.34	731.34
(=) Excess Retained per Share	-0.19	-0.01	0.11
LTM Dividend per Share	2.10	2.10	2.10
(+) Excess Retained per Share	-0.19	-0.01	0.11
(=) Adjusted Dividend	1.91	2.09	2.20
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.83	$87.45	$153.92
Upside / Downside	19.27%	83.54%	223.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,743.35	1,856.66	1,977.35	2,105.87	2,242.75	2,388.53	2,460.19
Payout Ratio	87.97%	88.37%	88.78%	89.19%	89.59%	90.00%	92.50%
Projected Dividends (M)	1,533.59	1,640.82	1,755.51	1,878.17	2,009.37	2,149.68	2,275.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,490.66	1,504.79	1,518.92
Year 2 PV (M)	1,448.89	1,476.49	1,504.35
Year 3 PV (M)	1,408.27	1,448.70	1,489.89
Year 4 PV (M)	1,368.76	1,421.40	1,475.54
Year 5 PV (M)	1,330.33	1,394.58	1,461.30
PV of Terminal Value (M)	23,316.15	24,442.33	25,611.61
Equity Value (M)	30,363.06	31,688.29	33,061.60
Shares Outstanding (M)	731.34	731.34	731.34
Fair Value	$41.52	$43.33	$45.21
Upside / Downside	-12.87%	-9.07%	-5.13%

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Financial Statements

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Sector

Taiwan Cogeneration Corporation (8926.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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