DDM Analysis: 3152.TWO

Valuation Snapshot

Stable Growth	$87.05 - $131.79	$108.11
Multi-Stage	$186.06 - $204.83	$195.26
Blended Fair Value	$151.69
Current Price	$123.00
Upside	23.32%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-17.92%	0.00%	3.67	3.58	7.98	10.78	8.41	9.86	0.00	0.00	0.00	0.00
YoY Growth	-	-	2.51%	-55.12%	-25.93%	28.11%	-14.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.67%	1.52%	3.40%	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)	697.50
(-) Cash Dividends Paid (M)	253.98
(=) Cash Retained (M)	443.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	139.50	87.19	52.31
Cash Retained (M)	443.52	443.52	443.52
(-) Cash Required (M)	-139.50	-87.19	-52.31
(=) Excess Retained (M)	304.02	356.33	391.20
(/) Shares Outstanding (M)	69.17	69.17	69.17
(=) Excess Retained per Share	4.40	5.15	5.66
LTM Dividend per Share	3.67	3.67	3.67
(+) Excess Retained per Share	4.40	5.15	5.66
(=) Adjusted Dividend	8.07	8.82	9.33
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.21%	-1.21%	-0.21%
Fair Value	$87.05	$108.11	$131.79
Upside / Downside	-29.23%	-12.10%	7.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	697.50	689.06	680.72	672.49	664.35	656.32	676.01
Payout Ratio	36.41%	47.13%	57.85%	68.57%	79.28%	90.00%	92.50%
Projected Dividends (M)	253.98	324.76	393.78	461.09	526.72	590.69	625.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.21%	-1.21%	-0.21%
Year 1 PV (M)	300.85	303.93	307.01
Year 2 PV (M)	337.95	344.89	351.91
Year 3 PV (M)	366.59	377.95	389.54
Year 4 PV (M)	387.94	404.05	420.66
Year 5 PV (M)	403.03	424.06	445.96
PV of Terminal Value (M)	11,073.58	11,651.47	12,253.24
Equity Value (M)	12,869.93	13,506.35	14,168.31
Shares Outstanding (M)	69.17	69.17	69.17
Fair Value	$186.06	$195.26	$204.83
Upside / Downside	51.27%	58.75%	66.53%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Advanced Ceramic X Corporation (3152.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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