DDM Analysis: 5490.TWO

Valuation Snapshot

Stable Growth	$13.94 - $21.68	$17.52
Multi-Stage	$31.97 - $35.24	$33.57
Blended Fair Value	$25.55
Current Price	$32.05
Upside	-20.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	1.23	2.03	1.51	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-39.11%	33.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	4.80%	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)	138.28
(-) Cash Dividends Paid (M)	32.60
(=) Cash Retained (M)	105.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.66	17.29	10.37
Cash Retained (M)	105.68	105.68	105.68
(-) Cash Required (M)	-27.66	-17.29	-10.37
(=) Excess Retained (M)	78.02	88.39	95.31
(/) Shares Outstanding (M)	93.73	93.73	93.73
(=) Excess Retained per Share	0.83	0.94	1.02
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.83	0.94	1.02
(=) Adjusted Dividend	1.18	1.29	1.36
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$13.94	$17.52	$21.68
Upside / Downside	-56.50%	-45.35%	-32.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.28	136.90	135.53	134.18	132.83	131.51	135.45
Payout Ratio	23.58%	36.86%	50.15%	63.43%	76.72%	90.00%	92.50%
Projected Dividends (M)	32.60	50.46	67.96	85.11	101.90	118.36	125.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	47.00	47.47	47.95
Year 2 PV (M)	58.94	60.15	61.37
Year 3 PV (M)	68.74	70.86	73.03
Year 4 PV (M)	76.65	79.82	83.10
Year 5 PV (M)	82.90	87.22	91.71
PV of Terminal Value (M)	2,662.76	2,801.41	2,945.79
Equity Value (M)	2,996.98	3,146.95	3,302.96
Shares Outstanding (M)	93.73	93.73	93.73
Fair Value	$31.97	$33.57	$35.24
Upside / Downside	-0.24%	4.76%	9.95%

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CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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XAC Automation Corporation (5490.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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