DDM Analysis: 5278.TWO

Valuation Snapshot

Stable Growth	$7.96 - $11.96	$9.85
Multi-Stage	$16.08 - $17.66	$16.85
Blended Fair Value	$13.35
Current Price	$33.20
Upside	-59.78%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-10.38%	0.00%	0.50	0.80	0.79	0.57	0.43	0.86	0.00	0.00	0.00	0.00
YoY Growth	-	-	-37.62%	0.57%	40.61%	30.99%	-49.98%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.55%	4.24%	6.02%	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)	284.68
(-) Cash Dividends Paid (M)	180.94
(=) Cash Retained (M)	103.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.94	35.59	21.35
Cash Retained (M)	103.74	103.74	103.74
(-) Cash Required (M)	-56.94	-35.59	-21.35
(=) Excess Retained (M)	46.80	68.15	82.39
(/) Shares Outstanding (M)	300.25	300.25	300.25
(=) Excess Retained per Share	0.16	0.23	0.27
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.16	0.23	0.27
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.96	$9.85	$11.96
Upside / Downside	-76.01%	-70.32%	-63.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	284.68	281.83	279.01	276.22	273.46	270.73	278.85
Payout Ratio	63.56%	68.85%	74.14%	79.42%	84.71%	90.00%	92.50%
Projected Dividends (M)	180.94	194.04	206.85	219.39	231.66	243.66	257.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	178.95	180.78	182.60
Year 2 PV (M)	175.94	179.54	183.19
Year 3 PV (M)	172.09	177.42	182.85
Year 4 PV (M)	167.59	174.53	181.69
Year 5 PV (M)	162.56	171.03	179.84
PV of Terminal Value (M)	3,970.01	4,176.74	4,391.99
Equity Value (M)	4,827.15	5,060.04	5,302.17
Shares Outstanding (M)	300.25	300.25	300.25
Fair Value	$16.08	$16.85	$17.66
Upside / Downside	-51.57%	-49.24%	-46.81%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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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%
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%
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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%
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Sunfun Info Co., Ltd. (5278.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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