DDM Analysis: 6259.TWO

Valuation Snapshot

Stable Growth	$3.26 - $5.00	$4.07
Multi-Stage	$7.13 - $7.85	$7.48
Blended Fair Value	$5.78
Current Price	$16.00
Upside	-63.89%
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%	0.20	0.57	0.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-65.66%	291.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.17%	3.04%	0.78%	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)	8.96
(-) Cash Dividends Paid (M)	4.84
(=) Cash Retained (M)	4.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.79	1.12	0.67
Cash Retained (M)	4.12	4.12	4.12
(-) Cash Required (M)	-1.79	-1.12	-0.67
(=) Excess Retained (M)	2.33	3.00	3.45
(/) Shares Outstanding (M)	24.74	24.74	24.74
(=) Excess Retained per Share	0.09	0.12	0.14
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.09	0.12	0.14
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.26	$4.07	$5.00
Upside / Downside	-79.62%	-74.55%	-68.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8.96	8.87	8.78	8.70	8.61	8.52	8.78
Payout Ratio	54.01%	61.20%	68.40%	75.60%	82.80%	90.00%	92.50%
Projected Dividends (M)	4.84	5.43	6.01	6.57	7.13	7.67	8.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.04	5.09	5.14
Year 2 PV (M)	5.17	5.28	5.38
Year 3 PV (M)	5.25	5.41	5.58
Year 4 PV (M)	5.28	5.50	5.72
Year 5 PV (M)	5.27	5.54	5.83
PV of Terminal Value (M)	150.50	158.34	166.50
Equity Value (M)	176.51	185.16	194.15
Shares Outstanding (M)	24.74	24.74	24.74
Fair Value	$7.13	$7.48	$7.85
Upside / Downside	-55.41%	-53.23%	-50.96%

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Bull Will Co., Ltd. (6259.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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