DDM Analysis: 272290.KQ

Valuation Snapshot

Stable Growth	$37,067.66 - $59,351.08	$47,159.67
Multi-Stage	$59,113.13 - $65,005.90	$62,002.58
Blended Fair Value	$54,581.13
Current Price	$22,650.00
Upside	140.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	309.82%	0.00%	248.15	444.94	347.94	2.75	0.23	0.21	0.24	0.00	0.00	0.00
YoY Growth	-	-	-44.23%	27.88%	12,549.65%	1,094.94%	7.24%	-8.66%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.11%	1.51%	0.86%	0.01%	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)	69,545.25
(-) Cash Dividends Paid (M)	6,587.49
(=) Cash Retained (M)	62,957.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,909.05	8,693.16	5,215.89
Cash Retained (M)	62,957.76	62,957.76	62,957.76
(-) Cash Required (M)	-13,909.05	-8,693.16	-5,215.89
(=) Excess Retained (M)	49,048.71	54,264.60	57,741.87
(/) Shares Outstanding (M)	19.76	19.76	19.76
(=) Excess Retained per Share	2,482.50	2,746.50	2,922.49
LTM Dividend per Share	333.41	333.41	333.41
(+) Excess Retained per Share	2,482.50	2,746.50	2,922.49
(=) Adjusted Dividend	2,815.92	3,079.91	3,255.90
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-0.05%	0.95%	1.95%
Fair Value	$37,067.66	$47,159.67	$59,351.08
Upside / Downside	63.65%	108.21%	162.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69,545.25	70,203.11	70,867.20	71,537.56	72,214.27	72,897.38	75,084.31
Payout Ratio	9.47%	25.58%	41.68%	57.79%	73.89%	90.00%	92.50%
Projected Dividends (M)	6,587.49	17,956.40	29,539.81	41,340.77	53,362.34	65,607.65	69,452.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-0.05%	0.95%	1.95%
Year 1 PV (M)	16,532.23	16,697.64	16,863.05
Year 2 PV (M)	25,039.87	25,543.45	26,052.03
Year 3 PV (M)	32,263.76	33,241.92	34,239.65
Year 4 PV (M)	38,342.77	39,900.50	41,505.21
Year 5 PV (M)	43,402.55	45,617.74	47,922.47
PV of Terminal Value (M)	1,012,361.23	1,064,030.32	1,117,787.87
Equity Value (M)	1,167,942.42	1,225,031.56	1,284,370.28
Shares Outstanding (M)	19.76	19.76	19.76
Fair Value	$59,113.13	$62,002.58	$65,005.90
Upside / Downside	160.99%	173.74%	187.00%

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CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
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%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
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%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
0L5A.L	Sempra	2.69%	$2.41	72.79%

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INNOX Advanced Materials Co.,Ltd. (272290.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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