DDM Analysis: 6895.TWO

Valuation Snapshot

Stable Growth	$649.97 - $765.77	$717.64
Multi-Stage	$446.71 - $490.10	$468.00
Blended Fair Value	$592.82
Current Price	$269.00
Upside	120.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	30.19%	0.00%	2.20	3.14	2.28	1.64	0.22	0.59	0.00	0.00	0.00	0.00
YoY Growth	-	-	-29.86%	38.00%	38.89%	644.00%	-62.60%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.68%	3.06%	1.40%	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)	131.12
(-) Cash Dividends Paid (M)	78.43
(=) Cash Retained (M)	52.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.22	16.39	9.83
Cash Retained (M)	52.69	52.69	52.69
(-) Cash Required (M)	-26.22	-16.39	-9.83
(=) Excess Retained (M)	26.47	36.30	42.86
(/) Shares Outstanding (M)	34.05	34.05	34.05
(=) Excess Retained per Share	0.78	1.07	1.26
LTM Dividend per Share	2.30	2.30	2.30
(+) Excess Retained per Share	0.78	1.07	1.26
(=) Adjusted Dividend	3.08	3.37	3.56
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$649.97	$717.64	$765.77
Upside / Downside	141.62%	166.78%	184.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.12	139.64	148.72	158.39	168.68	179.65	185.04
Payout Ratio	59.81%	65.85%	71.89%	77.93%	83.96%	90.00%	92.50%
Projected Dividends (M)	78.43	91.96	106.91	123.43	141.63	161.68	171.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	89.14	89.98	90.83
Year 2 PV (M)	100.45	102.37	104.30
Year 3 PV (M)	112.41	115.64	118.92
Year 4 PV (M)	125.03	129.84	134.79
Year 5 PV (M)	138.36	145.04	151.98
PV of Terminal Value (M)	14,646.49	15,353.92	16,088.42
Equity Value (M)	15,211.88	15,936.78	16,689.24
Shares Outstanding (M)	34.05	34.05	34.05
Fair Value	$446.71	$468.00	$490.10
Upside / Downside	66.06%	73.98%	82.19%

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Wave Power Technology Inc. (6895.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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