DDM Analysis: 3128.TWO

Valuation Snapshot

Stable Growth	$44.67 - $208.50	$78.77
Multi-Stage	$38.48 - $42.21	$40.31
Blended Fair Value	$59.54
Current Price	$31.70
Upside	87.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	9.83%	0.00%	0.68	1.00	0.59	0.47	0.44	0.42	0.00	0.00	0.00	0.00
YoY Growth	-	-	-32.62%	71.43%	25.75%	5.77%	4.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.27%	3.46%	1.54%	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)	70.60
(-) Cash Dividends Paid (M)	8.40
(=) Cash Retained (M)	62.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.12	8.82	5.29
Cash Retained (M)	62.20	62.20	62.20
(-) Cash Required (M)	-14.12	-8.82	-5.29
(=) Excess Retained (M)	48.08	53.37	56.90
(/) Shares Outstanding (M)	49.06	49.06	49.06
(=) Excess Retained per Share	0.98	1.09	1.16
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.98	1.09	1.16
(=) Adjusted Dividend	1.15	1.26	1.33
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.81%	4.81%	5.81%
Fair Value	$44.67	$78.77	$208.50
Upside / Downside	40.91%	148.48%	557.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.60	74.00	77.56	81.29	85.20	89.30	91.98
Payout Ratio	11.90%	27.52%	43.14%	58.76%	74.38%	90.00%	92.50%
Projected Dividends (M)	8.40	20.36	33.46	47.77	63.37	80.37	85.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.81%	4.81%	5.81%
Year 1 PV (M)	18.94	19.12	19.30
Year 2 PV (M)	28.94	29.50	30.07
Year 3 PV (M)	38.43	39.56	40.70
Year 4 PV (M)	47.43	49.28	51.19
Year 5 PV (M)	55.95	58.69	61.55
PV of Terminal Value (M)	1,697.86	1,781.22	1,867.83
Equity Value (M)	1,887.55	1,977.38	2,070.64
Shares Outstanding (M)	49.06	49.06	49.06
Fair Value	$38.48	$40.31	$42.21
Upside / Downside	21.38%	27.15%	33.15%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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Hi Sharp Electronics Co., Ltd. (3128.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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