DDM Analysis: 3483.TWO

Valuation Snapshot

Stable Growth	$125.80 - $328.32	$191.39
Multi-Stage	$84.04 - $91.96	$87.93
Blended Fair Value	$139.66
Current Price	$107.00
Upside	30.52%
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	141.32%	50.32%	4.38	3.16	2.37	1.43	0.31	0.05	0.22	0.45	0.05	0.07
YoY Growth	-	-	38.40%	33.71%	65.35%	363.30%	477.26%	-75.46%	-51.11%	828.45%	-35.38%	0.00%
Dividend Yield	-	-	4.18%	2.40%	3.83%	1.92%	0.31%	0.15%	0.56%	2.37%	0.25%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	536.95
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	536.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.39	67.12	40.27
Cash Retained (M)	536.95	536.95	536.95
(-) Cash Required (M)	-107.39	-67.12	-40.27
(=) Excess Retained (M)	429.56	469.83	496.67
(/) Shares Outstanding (M)	98.82	98.82	98.82
(=) Excess Retained per Share	4.35	4.75	5.03
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	4.35	4.75	5.03
(=) Adjusted Dividend	4.35	4.75	5.03
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$125.80	$191.39	$328.32
Upside / Downside	17.57%	78.87%	206.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	536.95	571.85	609.02	648.61	690.77	735.67	757.74
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	102.94	219.25	350.25	497.35	662.10	700.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	93.43	94.31	95.20
Year 2 PV (M)	180.61	184.05	187.52
Year 3 PV (M)	261.86	269.38	277.03
Year 4 PV (M)	337.48	350.46	363.81
Year 5 PV (M)	407.76	427.45	447.90
PV of Terminal Value (M)	7,023.73	7,362.98	7,715.22
Equity Value (M)	8,304.86	8,688.63	9,086.68
Shares Outstanding (M)	98.82	98.82	98.82
Fair Value	$84.04	$87.93	$91.96
Upside / Downside	-21.45%	-17.82%	-14.06%

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HBCP	Home Bancorp, Inc.	1.92%	$1.10	19.54%
SLM	SLM Corporation	1.92%	$0.53	17.47%
UVE	Universal Insurance Holdings, Inc.	1.92%	$0.61	14.30%
WAL	Western Alliance Bancorporation	1.92%	$1.64	20.05%
0JZ1.L	Masco Corporation	1.91%	$1.23	31.44%
0L8B.L	Southern Copper Corporation	1.91%	$2.80	60.30%
BKR	Baker Hughes Company	1.91%	$0.90	30.82%
BPAC	Bullpen Parlay Acquisition Company	1.91%	$0.20	36.09%
ELV	Elevance Health Inc.	1.91%	$6.75	27.56%
NGVC	Natural Grocers by Vitamin Cottage, Inc.	1.91%	$0.47	23.70%
SYBT	Stock Yards Bancorp, Inc.	1.91%	$1.25	27.22%
0JVQ.L	Lowe's Companies, Inc.	1.90%	$4.67	38.55%
ATERX	AB Sustainable Global Thematic Fund Class R	1.90%	$2.84	36.57%
BLL	Ball Corporation	1.90%	$1.32	9.47%
EAI	Entergy Arkansas, Inc. 1M BD 4.875%66	1.90%	$0.40	9.71%
MMC	Marsh & McLennan Companies, Inc.	1.90%	$3.47	41.48%
THO	Thor Industries, Inc.	1.90%	$2.00	37.63%
TRGP	Targa Resources Corp.	1.90%	$3.55	46.50%
TTC	The Toro Company	1.90%	$1.52	45.26%
0K8M.L	Norfolk Southern Corporation	1.89%	$5.42	41.12%
FDX	FedEx Corporation	1.89%	$5.54	32.63%
ALL	The Allstate Corporation	1.87%	$3.81	12.13%
BERY	Berry Global Group, Inc.	1.87%	$1.26	24.23%
NHC	National HealthCare Corporation	1.87%	$2.44	37.72%
PRDO	Perdoceo Education Corporation	1.87%	$0.54	23.03%
ABT	Abbott Laboratories	1.86%	$2.31	28.93%
TNET	TriNet Group, Inc.	1.86%	$1.06	38.35%
BTMD	biote Corp.	1.85%	$0.05	5.82%
WDFC	WD-40 Company	1.85%	$3.65	54.36%
AMTB	Amerant Bancorp Inc.	1.84%	$0.36	22.80%
BNH	Brookfield Finance Inc. 4.625%	1.84%	$0.30	70.51%
MGRC	McGrath RentCorp	1.84%	$1.93	32.75%
NATI	National Instruments Corporation	1.84%	$1.10	82.38%
OTIS	Otis Worldwide Corporation	1.84%	$1.63	47.44%
WS	Worthington Steel, Inc.	1.84%	$0.65	26.98%
KBH	KB Home	1.83%	$1.05	13.68%
WRB	W. R. Berkley Corporation	1.83%	$1.27	26.69%
PIPR	Piper Sandler Companies	1.82%	$6.36	47.91%
SFBS	ServisFirst Bancshares, Inc.	1.82%	$1.30	27.90%
YUM	Yum! Brands, Inc.	1.82%	$2.73	54.40%
LVS	Las Vegas Sands Corp.	1.81%	$1.18	51.99%
HNVR	Hanover Bancorp, Inc.	1.80%	$0.41	26.32%
TSCO	Tractor Supply Company	1.79%	$0.91	43.76%
CLI	Mack-Cali Realty Corporation	1.78%	$0.33	21.71%
RRR	Red Rock Resorts, Inc.	1.78%	$1.12	60.48%
SBR	Sabine Royalty Trust	1.78%	$1.25	23.02%
TMUS	T-Mobile US, Inc.	1.78%	$3.55	33.70%
BWFG	Bankwell Financial Group, Inc.	1.77%	$0.80	21.59%
DGX	Quest Diagnostics Incorporated	1.77%	$3.07	35.81%
JPM	JPMorgan Chase & Co.	1.77%	$5.75	27.69%

Financial Statements

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Forcecon Technology Co., Ltd. (3483.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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