DDM Analysis: 2641.TWO

Valuation Snapshot

Stable Growth	$151.05 - $358.59	$336.05
Multi-Stage	$52.30 - $57.26	$54.73
Blended Fair Value	$195.39
Current Price	$21.05
Upside	828.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	22.85%	0.43	1.04	0.44	0.00	0.04	0.00	0.00	0.00	0.04	0.07
YoY Growth	-	-	-58.52%	137.72%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	-37.43%	25.79%
Dividend Yield	-	-	2.08%	5.30%	2.26%	0.00%	0.34%	0.00%	0.00%	0.00%	0.44%	0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	622.55
(-) Cash Dividends Paid (M)	156.27
(=) Cash Retained (M)	466.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	124.51	77.82	46.69
Cash Retained (M)	466.28	466.28	466.28
(-) Cash Required (M)	-124.51	-77.82	-46.69
(=) Excess Retained (M)	341.77	388.46	419.58
(/) Shares Outstanding (M)	345.27	345.27	345.27
(=) Excess Retained per Share	0.99	1.13	1.22
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.99	1.13	1.22
(=) Adjusted Dividend	1.44	1.58	1.67
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$151.05	$336.05	$358.59
Upside / Downside	617.60%	1,496.44%	1,603.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	622.55	663.01	706.11	752.00	800.88	852.94	878.53
Payout Ratio	25.10%	38.08%	51.06%	64.04%	77.02%	90.00%	92.50%
Projected Dividends (M)	156.27	252.48	360.55	481.59	616.84	767.65	812.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	234.83	237.06	239.28
Year 2 PV (M)	311.89	317.83	323.83
Year 3 PV (M)	387.48	398.60	409.93
Year 4 PV (M)	461.60	479.35	497.61
Year 5 PV (M)	534.29	560.10	586.89
PV of Terminal Value (M)	16,125.76	16,904.65	17,713.34
Equity Value (M)	18,055.86	18,897.59	19,770.89
Shares Outstanding (M)	345.27	345.27	345.27
Fair Value	$52.30	$54.73	$57.26
Upside / Downside	148.43%	160.02%	172.03%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
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CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
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%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
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%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
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YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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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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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
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Franbo Lines Corp. (2641.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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