DDM Analysis: 688300.SS

Valuation Snapshot

Stable Growth	$157.41 - $266.87	$250.09
Multi-Stage	$42.78 - $46.84	$44.77
Blended Fair Value	$147.43
Current Price	$62.10
Upside	137.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	41.08%	29.79%	0.44	0.27	0.24	0.20	0.20	0.08	0.07	0.07	0.02	0.03
YoY Growth	-	-	66.20%	9.35%	21.60%	-0.20%	153.41%	16.18%	3.94%	179.59%	-10.70%	-19.53%
Dividend Yield	-	-	1.00%	0.80%	0.70%	0.67%	1.11%	0.49%	0.44%	0.42%	0.15%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	286.52
(-) Cash Dividends Paid (M)	93.14
(=) Cash Retained (M)	193.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.30	35.82	21.49
Cash Retained (M)	193.38	193.38	193.38
(-) Cash Required (M)	-57.30	-35.82	-21.49
(=) Excess Retained (M)	136.07	157.56	171.89
(/) Shares Outstanding (M)	213.52	213.52	213.52
(=) Excess Retained per Share	0.64	0.74	0.81
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.64	0.74	0.81
(=) Adjusted Dividend	1.07	1.17	1.24
WACC / Discount Rate	6.22%	6.22%	6.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$157.41	$250.09	$266.87
Upside / Downside	153.48%	302.73%	329.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	286.52	305.15	324.98	346.11	368.60	392.56	404.34
Payout Ratio	32.51%	44.01%	55.51%	67.00%	78.50%	90.00%	92.50%
Projected Dividends (M)	93.14	134.29	180.38	231.90	289.36	353.31	374.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.22%	6.22%	6.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	125.24	126.42	127.61
Year 2 PV (M)	156.89	159.88	162.89
Year 3 PV (M)	188.11	193.51	199.01
Year 4 PV (M)	218.89	227.31	235.97
Year 5 PV (M)	249.26	261.29	273.79
PV of Terminal Value (M)	8,195.86	8,591.72	9,002.73
Equity Value (M)	9,134.23	9,560.13	10,002.01
Shares Outstanding (M)	213.52	213.52	213.52
Fair Value	$42.78	$44.77	$46.84
Upside / Downside	-31.11%	-27.90%	-24.57%

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Novoray Corporation (688300.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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