DDM Analysis: 6174.TWO

Valuation Snapshot

Stable Growth	$5.02 - $7.20	$6.08
Multi-Stage	$7.89 - $8.67	$8.27
Blended Fair Value	$7.18
Current Price	$19.50
Upside	-63.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-32.51%	0.00%	0.14	2.69	1.60	0.00	0.00	1.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-94.81%	68.75%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.63%	11.94%	5.38%	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)	36.24
(-) Cash Dividends Paid (M)	7.00
(=) Cash Retained (M)	29.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.25	4.53	2.72
Cash Retained (M)	29.24	29.24	29.24
(-) Cash Required (M)	-7.25	-4.53	-2.72
(=) Excess Retained (M)	22.00	24.71	26.53
(/) Shares Outstanding (M)	50.12	50.12	50.12
(=) Excess Retained per Share	0.44	0.49	0.53
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.44	0.49	0.53
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	9.30%	9.30%	9.30%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.02	$6.08	$7.20
Upside / Downside	-74.26%	-68.80%	-63.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36.24	35.88	35.52	35.17	34.82	34.47	35.50
Payout Ratio	19.31%	33.45%	47.59%	61.73%	75.86%	90.00%	92.50%
Projected Dividends (M)	7.00	12.00	16.90	21.71	26.41	31.02	32.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.30%	9.30%	9.30%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.87	10.98	11.09
Year 2 PV (M)	13.87	14.15	14.44
Year 3 PV (M)	16.13	16.63	17.14
Year 4 PV (M)	17.77	18.51	19.27
Year 5 PV (M)	18.91	19.89	20.92
PV of Terminal Value (M)	317.91	334.46	351.70
Equity Value (M)	395.45	414.62	434.55
Shares Outstanding (M)	50.12	50.12	50.12
Fair Value	$7.89	$8.27	$8.67
Upside / Downside	-59.54%	-57.58%	-55.54%

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Aker Technology Co., Ltd (6174.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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