DDM Analysis: 5439.TWO

Valuation Snapshot

Stable Growth	$378.42 - $1,047.80	$981.94
Multi-Stage	$150.90 - $164.91	$157.78
Blended Fair Value	$569.86
Current Price	$238.50
Upside	138.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.63%	12.54%	4.10	3.30	3.60	2.31	2.13	2.59	1.85	1.68	1.26	1.34
YoY Growth	-	-	24.24%	-8.33%	55.72%	8.70%	-17.86%	40.00%	10.26%	33.33%	-6.25%	6.67%
Dividend Yield	-	-	2.32%	2.64%	5.39%	4.17%	3.35%	8.05%	3.58%	4.07%	4.16%	6.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	490.12
(-) Cash Dividends Paid (M)	381.20
(=) Cash Retained (M)	108.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.02	61.26	36.76
Cash Retained (M)	108.92	108.92	108.92
(-) Cash Required (M)	-98.02	-61.26	-36.76
(=) Excess Retained (M)	10.89	47.65	72.16
(/) Shares Outstanding (M)	93.03	93.03	93.03
(=) Excess Retained per Share	0.12	0.51	0.78
LTM Dividend per Share	4.10	4.10	4.10
(+) Excess Retained per Share	0.12	0.51	0.78
(=) Adjusted Dividend	4.21	4.61	4.87
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$378.42	$981.94	$1,047.80
Upside / Downside	58.66%	311.72%	339.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	490.12	521.98	555.91	592.04	630.52	671.51	691.65
Payout Ratio	77.78%	80.22%	82.67%	85.11%	87.56%	90.00%	92.50%
Projected Dividends (M)	381.20	418.74	459.55	503.89	552.06	604.35	639.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	388.85	392.54	396.22
Year 2 PV (M)	396.29	403.83	411.45
Year 3 PV (M)	403.51	415.09	426.90
Year 4 PV (M)	410.53	426.32	442.55
Year 5 PV (M)	417.34	437.50	458.43
PV of Terminal Value (M)	12,021.51	12,602.16	13,205.02
Equity Value (M)	14,038.03	14,677.44	15,340.58
Shares Outstanding (M)	93.03	93.03	93.03
Fair Value	$150.90	$157.78	$164.91
Upside / Downside	-36.73%	-33.85%	-30.86%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
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STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
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First Hi-tec Enterprise Co., Ltd. (5439.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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