DDM Analysis: 3430.TWO

Valuation Snapshot

Stable Growth	$41.48 - $71.69	$54.48
Multi-Stage	$77.08 - $84.59	$80.77
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	-46.12%	-29.25%	-6.89%

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)	2,258.52	2,373.50	2,493.12
Equity Value (M)	2,650.75	2,777.43	2,909.06
Shares Outstanding (M)	34.39	34.39	34.39
Fair Value	$77.08	$80.77	$84.59
Upside / Downside	0.11%	4.89%	9.86%

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VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
CBT	Cabot Corporation	2.68%	$1.80	29.00%
PKOH	Park-Ohio Holdings Corp.	2.68%	$0.56	33.19%
WINA	Winmark Corporation	2.68%	$10.76	96.24%
CHCO	City Holding Company	2.67%	$3.20	36.27%
IDA	IDACORP, Inc.	2.67%	$3.40	58.98%
LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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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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