DDM Analysis: 089030.KQ

Valuation Snapshot

Stable Growth	$2,500.49 - $4,002.75	$3,181.06
Multi-Stage	$6,827.96 - $7,523.00	$7,168.61
Blended Fair Value	$5,174.84
Current Price	$33,350.00
Upside	-84.48%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.15%	0.00%	129.82	129.82	120.76	120.32	120.32	116.72	117.43	110.51	106.21	0.00
YoY Growth	-	-	0.00%	7.50%	0.37%	0.00%	3.08%	-0.61%	6.27%	4.04%	0.00%	0.00%
Dividend Yield	-	-	0.41%	0.39%	1.58%	1.17%	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)	8,682.15
(-) Cash Dividends Paid (M)	4,646.26
(=) Cash Retained (M)	4,035.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,736.43	1,085.27	651.16
Cash Retained (M)	4,035.88	4,035.88	4,035.88
(-) Cash Required (M)	-1,736.43	-1,085.27	-651.16
(=) Excess Retained (M)	2,299.45	2,950.62	3,384.72
(/) Shares Outstanding (M)	35.79	35.79	35.79
(=) Excess Retained per Share	64.25	82.44	94.57
LTM Dividend per Share	129.82	129.82	129.82
(+) Excess Retained per Share	64.25	82.44	94.57
(=) Adjusted Dividend	194.06	212.26	224.39
WACC / Discount Rate	5.61%	5.61%	5.61%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2,500.49	$3,181.06	$4,002.75
Upside / Downside	-92.50%	-90.46%	-88.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,682.15	8,595.32	8,509.37	8,424.28	8,340.03	8,256.63	8,504.33
Payout Ratio	53.52%	60.81%	68.11%	75.41%	82.70%	90.00%	92.50%
Projected Dividends (M)	4,646.26	5,227.00	5,795.65	6,352.42	6,897.46	7,430.97	7,866.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.61%	5.61%	5.61%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,899.54	4,949.54	4,999.53
Year 2 PV (M)	5,092.24	5,196.69	5,302.21
Year 3 PV (M)	5,231.77	5,393.56	5,558.66
Year 4 PV (M)	5,324.78	5,545.47	5,772.95
Year 5 PV (M)	5,377.27	5,657.27	5,948.82
PV of Terminal Value (M)	218,453.82	229,829.21	241,673.63
Equity Value (M)	244,379.41	256,571.75	269,255.80
Shares Outstanding (M)	35.79	35.79	35.79
Fair Value	$6,827.96	$7,168.61	$7,523.00
Upside / Downside	-79.53%	-78.50%	-77.44%

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Techwing, Inc. (089030.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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