DDM Analysis: 4744.TWO

Valuation Snapshot

Stable Growth	$18.62 - $28.69	$23.31
Multi-Stage	$40.67 - $44.82	$42.71
Blended Fair Value	$33.01
Current Price	$31.80
Upside	3.80%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-39.57%	0.00%	0.10	0.93	0.97	0.96	1.31	1.23	0.00	0.00	0.00	0.00
YoY Growth	-	-	-89.28%	-4.03%	0.16%	-26.62%	6.63%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.43%	3.85%	2.88%	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)	112.20
(-) Cash Dividends Paid (M)	21.40
(=) Cash Retained (M)	90.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.44	14.03	8.42
Cash Retained (M)	90.80	90.80	90.80
(-) Cash Required (M)	-22.44	-14.03	-8.42
(=) Excess Retained (M)	68.36	76.77	82.38
(/) Shares Outstanding (M)	55.31	55.31	55.31
(=) Excess Retained per Share	1.24	1.39	1.49
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	1.24	1.39	1.49
(=) Adjusted Dividend	1.62	1.77	1.88
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.62	$23.31	$28.69
Upside / Downside	-41.43%	-26.71%	-9.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.20	111.08	109.97	108.87	107.78	106.70	109.90
Payout Ratio	19.08%	33.26%	47.45%	61.63%	75.82%	90.00%	92.50%
Projected Dividends (M)	21.40	36.95	52.17	67.10	81.71	96.03	101.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	34.33	34.68	35.03
Year 2 PV (M)	45.04	45.97	46.90
Year 3 PV (M)	53.82	55.48	57.18
Year 4 PV (M)	60.90	63.42	66.03
Year 5 PV (M)	66.50	69.96	73.57
PV of Terminal Value (M)	1,989.17	2,092.75	2,200.61
Equity Value (M)	2,249.76	2,362.27	2,479.31
Shares Outstanding (M)	55.31	55.31	55.31
Fair Value	$40.67	$42.71	$44.82
Upside / Downside	27.90%	34.30%	40.95%

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VG	Venture Global, Inc.	3.02%	$0.21	24.09%
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CVC Technologies Inc. (4744.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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