DDM Analysis: 7714.TWO

Valuation Snapshot

Stable Growth	$52.48 - $80.07	$65.40
Multi-Stage	$114.24 - $125.54	$119.78
Blended Fair Value	$92.59
Current Price	$92.50
Upside	0.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	2.25	2.10	3.43	0.00	0.34	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	6.97%	-38.72%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.48%	1.64%	2.37%	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)	115.98
(-) Cash Dividends Paid (M)	80.45
(=) Cash Retained (M)	35.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.20	14.50	8.70
Cash Retained (M)	35.54	35.54	35.54
(-) Cash Required (M)	-23.20	-14.50	-8.70
(=) Excess Retained (M)	12.34	21.04	26.84
(/) Shares Outstanding (M)	19.63	19.63	19.63
(=) Excess Retained per Share	0.63	1.07	1.37
LTM Dividend per Share	4.10	4.10	4.10
(+) Excess Retained per Share	0.63	1.07	1.37
(=) Adjusted Dividend	4.73	5.17	5.46
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$52.48	$65.40	$80.07
Upside / Downside	-43.26%	-29.30%	-13.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.98	114.82	113.67	112.54	111.41	110.30	113.61
Payout Ratio	69.36%	73.49%	77.62%	81.74%	85.87%	90.00%	92.50%
Projected Dividends (M)	80.45	84.38	88.23	91.99	95.67	99.27	105.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	78.19	78.99	79.79
Year 2 PV (M)	75.76	77.32	78.89
Year 3 PV (M)	73.20	75.46	77.77
Year 4 PV (M)	70.54	73.47	76.48
Year 5 PV (M)	67.83	71.36	75.04
PV of Terminal Value (M)	1,877.22	1,974.97	2,076.76
Equity Value (M)	2,242.74	2,351.57	2,464.72
Shares Outstanding (M)	19.63	19.63	19.63
Fair Value	$114.24	$119.78	$125.54
Upside / Downside	23.50%	29.49%	35.72%

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Uniforce Technology Corp. (7714.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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