DDM Analysis: 2729.TWO

Valuation Snapshot

Stable Growth	$154.70 - $337.97	$221.95
Multi-Stage	$202.84 - $222.00	$212.24
Blended Fair Value	$217.09
Current Price	$188.50
Upside	15.17%
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	2.37%	5.80%	8.68	2.64	2.23	8.10	5.67	7.72	7.15	6.58	6.02	5.67
YoY Growth	-	-	228.57%	18.22%	-72.41%	42.68%	-26.47%	7.94%	8.62%	9.43%	6.00%	14.94%
Dividend Yield	-	-	4.89%	1.34%	1.33%	6.93%	4.07%	7.29%	5.08%	5.31%	4.64%	4.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	336.33
(-) Cash Dividends Paid (M)	313.02
(=) Cash Retained (M)	23.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.27	42.04	25.22
Cash Retained (M)	23.30	23.30	23.30
(-) Cash Required (M)	-67.27	-42.04	-25.22
(=) Excess Retained (M)	-43.96	-18.74	-1.92
(/) Shares Outstanding (M)	41.00	41.00	41.00
(=) Excess Retained per Share	-1.07	-0.46	-0.05
LTM Dividend per Share	7.63	7.63	7.63
(+) Excess Retained per Share	-1.07	-0.46	-0.05
(=) Adjusted Dividend	6.56	7.18	7.59
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.40%	3.40%	4.40%
Fair Value	$154.70	$221.95	$337.97
Upside / Downside	-17.93%	17.74%	79.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	336.33	347.75	359.57	371.78	384.41	397.47	409.40
Payout Ratio	93.07%	92.46%	91.84%	91.23%	90.61%	90.00%	92.50%
Projected Dividends (M)	313.02	321.52	330.24	339.17	348.33	357.72	378.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.40%	3.40%	4.40%
Year 1 PV (M)	298.30	301.22	304.13
Year 2 PV (M)	284.26	289.84	295.48
Year 3 PV (M)	270.87	278.88	287.05
Year 4 PV (M)	258.10	268.33	278.86
Year 5 PV (M)	245.92	258.16	270.89
PV of Terminal Value (M)	6,958.59	7,305.07	7,665.22
Equity Value (M)	8,316.04	8,701.50	9,101.63
Shares Outstanding (M)	41.00	41.00	41.00
Fair Value	$202.84	$212.24	$222.00
Upside / Downside	7.60%	12.59%	17.77%

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TTFB Company Limited (2729.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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