DDM Analysis: 5452.TWO

Valuation Snapshot

Stable Growth	$1.87 - $2.63	$2.25
Multi-Stage	$3.84 - $4.22	$4.03
Blended Fair Value	$3.14
Current Price	$24.80
Upside	-87.35%
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	-5.59%	-3.67%	0.15	0.51	0.81	0.61	0.22	0.20	0.00	0.15	0.20	0.15
YoY Growth	-	-	-70.00%	-37.50%	33.33%	172.73%	10.00%	0.00%	-100.00%	-25.00%	33.33%	-31.18%
Dividend Yield	-	-	0.56%	2.00%	4.03%	2.90%	0.77%	3.83%	0.00%	1.71%	2.04%	1.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44.55
(-) Cash Dividends Paid (M)	22.32
(=) Cash Retained (M)	22.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.91	5.57	3.34
Cash Retained (M)	22.23	22.23	22.23
(-) Cash Required (M)	-8.91	-5.57	-3.34
(=) Excess Retained (M)	13.32	16.66	18.89
(/) Shares Outstanding (M)	147.03	147.03	147.03
(=) Excess Retained per Share	0.09	0.11	0.13
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.09	0.11	0.13
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	8.11%	8.11%	8.11%
Growth Rate	-4.29%	-3.29%	-2.29%
Fair Value	$1.87	$2.25	$2.63
Upside / Downside	-92.46%	-90.93%	-89.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.55	43.08	41.67	40.30	38.97	37.69	38.82
Payout Ratio	50.09%	58.07%	66.06%	74.04%	82.02%	90.00%	92.50%
Projected Dividends (M)	22.32	25.02	27.52	29.84	31.97	33.92	35.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.11%	8.11%	8.11%
Growth Rate	-4.29%	-3.29%	-2.29%
Year 1 PV (M)	22.90	23.14	23.38
Year 2 PV (M)	23.06	23.55	24.04
Year 3 PV (M)	22.89	23.61	24.35
Year 4 PV (M)	22.44	23.40	24.38
Year 5 PV (M)	21.80	22.97	24.18
PV of Terminal Value (M)	451.41	475.49	500.58
Equity Value (M)	564.51	592.15	620.91
Shares Outstanding (M)	147.03	147.03	147.03
Fair Value	$3.84	$4.03	$4.22
Upside / Downside	-84.52%	-83.76%	-82.97%

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UNIC Technology Corp. (5452.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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