DDM Analysis: 6004.SR

Valuation Snapshot

Stable Growth	$14.92 - $19.69	$17.41
Multi-Stage	$43.83 - $48.58	$46.15
Blended Fair Value	$31.78
Current Price	$99.45
Upside	-68.04%
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	-19.90%	-10.17%	2.25	1.50	0.00	0.00	1.38	6.83	3.97	5.44	6.88	6.89
YoY Growth	-	-	50.44%	315,846.96%	-51.48%	-99.93%	-79.81%	72.19%	-27.15%	-20.90%	-0.08%	4.64%
Dividend Yield	-	-	1.88%	1.18%	0.00%	0.00%	1.81%	9.05%	4.90%	6.59%	7.66%	6.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	335.93
(-) Cash Dividends Paid (M)	187.78
(=) Cash Retained (M)	148.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.19	41.99	25.19
Cash Retained (M)	148.15	148.15	148.15
(-) Cash Required (M)	-67.19	-41.99	-25.19
(=) Excess Retained (M)	80.96	106.16	122.95
(/) Shares Outstanding (M)	82.00	82.00	82.00
(=) Excess Retained per Share	0.99	1.29	1.50
LTM Dividend per Share	2.29	2.29	2.29
(+) Excess Retained per Share	0.99	1.29	1.50
(=) Adjusted Dividend	3.28	3.58	3.79
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-12.17%	-11.17%	-10.17%
Fair Value	$14.92	$17.41	$19.69
Upside / Downside	-84.99%	-82.49%	-80.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	335.93	298.39	265.04	235.42	209.12	185.75	191.32
Payout Ratio	55.90%	62.72%	69.54%	76.36%	83.18%	90.00%	92.50%
Projected Dividends (M)	187.78	187.14	184.31	179.77	173.94	167.17	176.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-12.17%	-11.17%	-10.17%
Year 1 PV (M)	172.75	174.72	176.68
Year 2 PV (M)	157.05	160.64	164.28
Year 3 PV (M)	141.40	146.28	151.28
Year 4 PV (M)	126.29	132.14	138.19
Year 5 PV (M)	112.04	118.57	125.39
PV of Terminal Value (M)	2,884.15	3,052.13	3,227.84
Equity Value (M)	3,593.68	3,784.48	3,983.68
Shares Outstanding (M)	82.00	82.00	82.00
Fair Value	$43.83	$46.15	$48.58
Upside / Downside	-55.93%	-53.59%	-51.15%

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CATRION Catering Holding Company (6004.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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