DDM Analysis: 9527.SR

Valuation Snapshot

Stable Growth	$66.55 - $102.69	$83.34
Multi-Stage	$147.55 - $162.55	$154.90
Blended Fair Value	$119.12
Current Price	$127.50
Upside	-6.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	2.00	2.00	1.75	0.23	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-0.01%	14.20%	665.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.36%	3.30%	4.94%	0.35%	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)	50.47
(-) Cash Dividends Paid (M)	14.00
(=) Cash Retained (M)	36.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.09	6.31	3.79
Cash Retained (M)	36.47	36.47	36.47
(-) Cash Required (M)	-10.09	-6.31	-3.79
(=) Excess Retained (M)	26.38	30.17	32.69
(/) Shares Outstanding (M)	7.00	7.00	7.00
(=) Excess Retained per Share	3.77	4.31	4.67
LTM Dividend per Share	2.00	2.00	2.00
(+) Excess Retained per Share	3.77	4.31	4.67
(=) Adjusted Dividend	5.77	6.31	6.67
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$66.55	$83.34	$102.69
Upside / Downside	-47.81%	-34.64%	-19.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.47	49.97	49.47	48.97	48.48	48.00	49.44
Payout Ratio	27.73%	40.19%	52.64%	65.09%	77.55%	90.00%	92.50%
Projected Dividends (M)	14.00	20.08	26.04	31.88	37.60	43.20	45.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18.67	18.86	19.05
Year 2 PV (M)	22.50	22.96	23.43
Year 3 PV (M)	25.60	26.39	27.20
Year 4 PV (M)	28.07	29.23	30.43
Year 5 PV (M)	29.98	31.54	33.16
PV of Terminal Value (M)	908.03	955.31	1,004.55
Equity Value (M)	1,032.84	1,084.29	1,137.82
Shares Outstanding (M)	7.00	7.00	7.00
Fair Value	$147.55	$154.90	$162.55
Upside / Downside	15.72%	21.49%	27.49%

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Ame Company For Medical Supplies (9527.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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