DDM Analysis: 3693.TWO

Valuation Snapshot

Stable Growth	$150.86 - $228.79	$187.50
Multi-Stage	$317.65 - $349.11	$333.08
Blended Fair Value	$260.29
Current Price	$238.00
Upside	9.36%
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%	8.74	5.24	1.31	0.61	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	66.67%	300.00%	114.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.88%	1.44%	1.03%	0.00%	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)	763.50
(-) Cash Dividends Paid (M)	472.90
(=) Cash Retained (M)	290.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	152.70	95.44	57.26
Cash Retained (M)	290.61	290.61	290.61
(-) Cash Required (M)	-152.70	-95.44	-57.26
(=) Excess Retained (M)	137.91	195.17	233.34
(/) Shares Outstanding (M)	44.05	44.05	44.05
(=) Excess Retained per Share	3.13	4.43	5.30
LTM Dividend per Share	10.74	10.74	10.74
(+) Excess Retained per Share	3.13	4.43	5.30
(=) Adjusted Dividend	13.87	15.17	16.03
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$150.86	$187.50	$228.79
Upside / Downside	-36.61%	-21.22%	-3.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	763.50	755.87	748.31	740.83	733.42	726.08	747.87
Payout Ratio	61.94%	67.55%	73.16%	78.78%	84.39%	90.00%	92.50%
Projected Dividends (M)	472.90	510.59	547.48	583.59	618.91	653.48	691.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	472.33	477.15	481.97
Year 2 PV (M)	468.51	478.13	487.83
Year 3 PV (M)	461.99	476.28	490.86
Year 4 PV (M)	453.25	472.03	491.39
Year 5 PV (M)	442.70	465.75	489.76
PV of Terminal Value (M)	11,693.76	12,302.68	12,936.71
Equity Value (M)	13,992.55	14,672.02	15,378.52
Shares Outstanding (M)	44.05	44.05	44.05
Fair Value	$317.65	$333.08	$349.11
Upside / Downside	33.47%	39.95%	46.69%

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AIC Inc. (3693.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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