DDM Analysis: 5439.TWO

Valuation Snapshot

Stable Growth	$378.42 - $1,047.80	$981.94
Multi-Stage	$150.90 - $164.91	$157.78
Blended Fair Value	$569.86
Current Price	$238.50
Upside	138.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.63%	12.54%	4.10	3.30	3.60	2.31	2.13	2.59	1.85	1.68	1.26	1.34
YoY Growth	-	-	24.24%	-8.33%	55.72%	8.70%	-17.86%	40.00%	10.26%	33.33%	-6.25%	6.67%
Dividend Yield	-	-	2.32%	2.64%	5.39%	4.17%	3.35%	8.05%	3.58%	4.07%	4.16%	6.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	490.12
(-) Cash Dividends Paid (M)	381.20
(=) Cash Retained (M)	108.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.02	61.26	36.76
Cash Retained (M)	108.92	108.92	108.92
(-) Cash Required (M)	-98.02	-61.26	-36.76
(=) Excess Retained (M)	10.89	47.65	72.16
(/) Shares Outstanding (M)	93.03	93.03	93.03
(=) Excess Retained per Share	0.12	0.51	0.78
LTM Dividend per Share	4.10	4.10	4.10
(+) Excess Retained per Share	0.12	0.51	0.78
(=) Adjusted Dividend	4.21	4.61	4.87
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$378.42	$981.94	$1,047.80
Upside / Downside	58.66%	311.72%	339.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	490.12	521.98	555.91	592.04	630.52	671.51	691.65
Payout Ratio	77.78%	80.22%	82.67%	85.11%	87.56%	90.00%	92.50%
Projected Dividends (M)	381.20	418.74	459.55	503.89	552.06	604.35	639.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	388.85	392.54	396.22
Year 2 PV (M)	396.29	403.83	411.45
Year 3 PV (M)	403.51	415.09	426.90
Year 4 PV (M)	410.53	426.32	442.55
Year 5 PV (M)	417.34	437.50	458.43
PV of Terminal Value (M)	12,021.51	12,602.16	13,205.02
Equity Value (M)	14,038.03	14,677.44	15,340.58
Shares Outstanding (M)	93.03	93.03	93.03
Fair Value	$150.90	$157.78	$164.91
Upside / Downside	-36.73%	-33.85%	-30.86%

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UVSP	Univest Financial Corporation	2.69%	$0.87	28.95%
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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First Hi-tec Enterprise Co., Ltd. (5439.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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