DDM Analysis: 3430.TWO

Valuation Snapshot

Stable Growth	$41.48 - $71.69	$54.48
Multi-Stage	$77.08 - $84.59	$80.76
Blended Fair Value	$67.62
Current Price	$77.00
Upside	-12.18%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.55%	1.68%	1.96	2.94	1.73	0.42	0.37	2.23	0.64	0.24	0.15	0.77
YoY Growth	-	-	-33.33%	70.08%	307.99%	16.11%	-83.64%	250.61%	166.68%	54.49%	-80.00%	-53.49%
Dividend Yield	-	-	3.56%	6.31%	3.17%	0.66%	1.10%	8.89%	0.99%	1.20%	0.90%	4.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.09
(-) Cash Dividends Paid (M)	84.29
(=) Cash Retained (M)	27.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.42	14.01	8.41
Cash Retained (M)	27.80	27.80	27.80
(-) Cash Required (M)	-22.42	-14.01	-8.41
(=) Excess Retained (M)	5.38	13.79	19.39
(/) Shares Outstanding (M)	34.39	34.39	34.39
(=) Excess Retained per Share	0.16	0.40	0.56
LTM Dividend per Share	2.45	2.45	2.45
(+) Excess Retained per Share	0.16	0.40	0.56
(=) Adjusted Dividend	2.61	2.85	3.01
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.19%	1.19%	2.19%
Fair Value	$41.48	$54.48	$71.69
Upside / Downside	-46.13%	-29.25%	-6.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.09	113.42	114.77	116.13	117.51	118.91	122.48
Payout Ratio	75.20%	78.16%	81.12%	84.08%	87.04%	90.00%	92.50%
Projected Dividends (M)	84.29	88.65	93.10	97.64	102.28	107.02	113.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.19%	1.19%	2.19%
Year 1 PV (M)	82.43	83.25	84.07
Year 2 PV (M)	80.49	82.10	83.73
Year 3 PV (M)	78.49	80.87	83.29
Year 4 PV (M)	76.45	79.55	82.74
Year 5 PV (M)	74.37	78.16	82.10
PV of Terminal Value (M)	2,258.43	2,373.41	2,493.03
Equity Value (M)	2,650.66	2,777.34	2,908.96
Shares Outstanding (M)	34.39	34.39	34.39
Fair Value	$77.08	$80.76	$84.59
Upside / Downside	0.10%	4.89%	9.86%

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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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Chitec Technology Co., Ltd. (3430.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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