DDM Analysis: 4908.TWO

Valuation Snapshot

Stable Growth	$32.00 - $56.07	$42.26
Multi-Stage	$53.14 - $58.27	$55.65
Blended Fair Value	$48.95
Current Price	$86.50
Upside	-43.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.78%	0.00%	2.40	3.00	1.80	1.10	1.10	0.86	0.81	0.65	0.40	0.00
YoY Growth	-	-	-20.00%	66.67%	63.64%	0.00%	27.91%	6.46%	25.17%	62.34%	0.00%	0.00%
Dividend Yield	-	-	3.12%	2.74%	5.55%	3.25%	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)	189.88
(-) Cash Dividends Paid (M)	136.88
(=) Cash Retained (M)	53.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.98	23.74	14.24
Cash Retained (M)	53.00	53.00	53.00
(-) Cash Required (M)	-37.98	-23.74	-14.24
(=) Excess Retained (M)	15.02	29.27	38.76
(/) Shares Outstanding (M)	78.19	78.19	78.19
(=) Excess Retained per Share	0.19	0.37	0.50
LTM Dividend per Share	1.75	1.75	1.75
(+) Excess Retained per Share	0.19	0.37	0.50
(=) Adjusted Dividend	1.94	2.12	2.25
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	0.74%	1.74%	2.74%
Fair Value	$32.00	$42.26	$56.07
Upside / Downside	-63.01%	-51.15%	-35.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	189.88	193.18	196.53	199.95	203.42	206.95	213.16
Payout Ratio	72.09%	75.67%	79.25%	82.83%	86.42%	90.00%	92.50%
Projected Dividends (M)	136.88	146.18	155.76	165.63	175.79	186.26	197.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	0.74%	1.74%	2.74%
Year 1 PV (M)	135.46	136.80	138.15
Year 2 PV (M)	133.75	136.42	139.12
Year 3 PV (M)	131.80	135.76	139.80
Year 4 PV (M)	129.63	134.85	140.23
Year 5 PV (M)	127.27	133.72	140.42
PV of Terminal Value (M)	3,496.96	3,674.01	3,858.16
Equity Value (M)	4,154.87	4,351.56	4,555.88
Shares Outstanding (M)	78.19	78.19	78.19
Fair Value	$53.14	$55.65	$58.27
Upside / Downside	-38.57%	-35.66%	-32.64%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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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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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%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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APAC Opto Electronics Inc. (4908.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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