DDM Analysis: 6220.TWO

Valuation Snapshot

Stable Growth	$7.00 - $10.66	$8.71
Multi-Stage	$15.43 - $16.94	$16.17
Blended Fair Value	$12.44
Current Price	$19.10
Upside	-34.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-14.00%	0.00%	0.81	2.99	0.12	0.91	0.73	1.71	0.00	0.00	0.00	0.00
YoY Growth	-	-	-73.04%	2,456.50%	-87.12%	24.68%	-57.50%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.41%	12.40%	0.42%	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)	114.88
(-) Cash Dividends Paid (M)	102.52
(=) Cash Retained (M)	12.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.98	14.36	8.62
Cash Retained (M)	12.35	12.35	12.35
(-) Cash Required (M)	-22.98	-14.36	-8.62
(=) Excess Retained (M)	-10.62	-2.01	3.74
(/) Shares Outstanding (M)	145.43	145.43	145.43
(=) Excess Retained per Share	-0.07	-0.01	0.03
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	-0.07	-0.01	0.03
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.00	$8.71	$10.66
Upside / Downside	-63.37%	-54.38%	-44.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.88	113.73	112.59	111.47	110.35	109.25	112.53
Payout Ratio	89.25%	89.40%	89.55%	89.70%	89.85%	90.00%	92.50%
Projected Dividends (M)	102.52	101.67	100.82	99.98	99.15	98.32	104.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	94.19	95.15	96.11
Year 2 PV (M)	86.53	88.31	90.10
Year 3 PV (M)	79.50	81.95	84.46
Year 4 PV (M)	73.03	76.06	79.18
Year 5 PV (M)	67.09	70.59	74.22
PV of Terminal Value (M)	1,843.46	1,939.45	2,039.40
Equity Value (M)	2,243.80	2,351.51	2,463.48
Shares Outstanding (M)	145.43	145.43	145.43
Fair Value	$15.43	$16.17	$16.94
Upside / Downside	-19.22%	-15.34%	-11.31%

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TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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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%
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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%
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CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
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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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YFC-Boneagle Electric Co., Ltd. (6220.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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