DDM Analysis: 6780.TWO

Valuation Snapshot

Stable Growth	$7.40 - $11.09	$9.15
Multi-Stage	$15.17 - $16.64	$15.89
Blended Fair Value	$12.52
Current Price	$20.30
Upside	-38.32%
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	1.21	2.02	0.67	0.22	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-40.00%	200.88%	206.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	5.66%	7.24%	1.75%	0.57%	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)	14.51
(-) Cash Dividends Paid (M)	13.00
(=) Cash Retained (M)	1.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.90	1.81	1.09
Cash Retained (M)	1.51	1.51	1.51
(-) Cash Required (M)	-2.90	-1.81	-1.09
(=) Excess Retained (M)	-1.39	-0.31	0.42
(/) Shares Outstanding (M)	16.31	16.31	16.31
(=) Excess Retained per Share	-0.09	-0.02	0.03
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	-0.09	-0.02	0.03
(=) Adjusted Dividend	0.71	0.78	0.82
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.40	$9.15	$11.09
Upside / Downside	-63.53%	-54.93%	-45.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.51	14.37	14.22	14.08	13.94	13.80	14.22
Payout Ratio	89.60%	89.68%	89.76%	89.84%	89.92%	90.00%	92.50%
Projected Dividends (M)	13.00	12.89	12.77	12.65	12.54	12.42	13.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.87	12.00	12.12
Year 2 PV (M)	10.84	11.06	11.29
Year 3 PV (M)	9.90	10.21	10.52
Year 4 PV (M)	9.04	9.41	9.80
Year 5 PV (M)	8.25	8.68	9.13
PV of Terminal Value (M)	197.59	207.88	218.59
Equity Value (M)	247.50	259.24	271.45
Shares Outstanding (M)	16.31	16.31	16.31
Fair Value	$15.17	$15.89	$16.64
Upside / Downside	-25.26%	-21.72%	-18.03%

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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%
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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%
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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%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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Study King Co., Ltd. (6780.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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