DDM Analysis: 688617.SS

Valuation Snapshot

Stable Growth	$124.66 - $271.36	$178.61
Multi-Stage	$90.68 - $99.02	$94.78
Blended Fair Value	$136.69
Current Price	$316.73
Upside	-56.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	86.32%	0.00%	1.12	0.94	0.58	0.28	0.01	0.05	0.00	0.00	0.00	0.00
YoY Growth	-	-	19.38%	62.62%	107.89%	2,249.12%	-76.32%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.42%	0.45%	0.34%	0.27%	0.01%	0.03%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	768.31
(-) Cash Dividends Paid (M)	170.26
(=) Cash Retained (M)	598.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	153.66	96.04	57.62
Cash Retained (M)	598.05	598.05	598.05
(-) Cash Required (M)	-153.66	-96.04	-57.62
(=) Excess Retained (M)	444.39	502.01	540.43
(/) Shares Outstanding (M)	119.33	119.33	119.33
(=) Excess Retained per Share	3.72	4.21	4.53
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	3.72	4.21	4.53
(=) Adjusted Dividend	5.15	5.63	5.96
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$124.66	$178.61	$271.36
Upside / Downside	-60.64%	-43.61%	-14.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	768.31	818.25	871.44	928.08	988.40	1,052.65	1,084.23
Payout Ratio	22.16%	35.73%	49.30%	62.86%	76.43%	90.00%	92.50%
Projected Dividends (M)	170.26	292.35	429.58	583.43	755.46	947.38	1,002.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	263.61	266.11	268.61
Year 2 PV (M)	349.29	355.94	362.65
Year 3 PV (M)	427.75	440.02	452.54
Year 4 PV (M)	499.43	518.64	538.39
Year 5 PV (M)	564.75	592.03	620.35
PV of Terminal Value (M)	8,715.87	9,136.85	9,573.94
Equity Value (M)	10,820.69	11,309.59	11,816.48
Shares Outstanding (M)	119.33	119.33	119.33
Fair Value	$90.68	$94.78	$99.02
Upside / Downside	-71.37%	-70.08%	-68.74%

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PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
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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%
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BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
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CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
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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%
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TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
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LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
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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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APT Medical Inc. (688617.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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