DDM Analysis: 6411.TWO

Valuation Snapshot

Stable Growth	$29.63 - $44.09	$36.52
Multi-Stage	$60.20 - $66.03	$63.06
Blended Fair Value	$49.79
Current Price	$72.70
Upside	-31.51%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-4.85%	0.00%	2.45	3.24	6.67	4.63	3.87	3.14	0.00	0.00	0.00	0.00
YoY Growth	-	-	-24.30%	-51.49%	44.00%	19.61%	23.30%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.22%	3.08%	5.42%	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)	363.08
(-) Cash Dividends Paid (M)	311.30
(=) Cash Retained (M)	51.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.62	45.39	27.23
Cash Retained (M)	51.79	51.79	51.79
(-) Cash Required (M)	-72.62	-45.39	-27.23
(=) Excess Retained (M)	-20.83	6.40	24.55
(/) Shares Outstanding (M)	99.30	99.30	99.30
(=) Excess Retained per Share	-0.21	0.06	0.25
LTM Dividend per Share	3.13	3.13	3.13
(+) Excess Retained per Share	-0.21	0.06	0.25
(=) Adjusted Dividend	2.93	3.20	3.38
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.12%	-1.12%	-0.12%
Fair Value	$29.63	$36.52	$44.09
Upside / Downside	-59.24%	-49.77%	-39.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	363.08	359.00	354.97	350.98	347.03	343.13	353.42
Payout Ratio	85.74%	86.59%	87.44%	88.29%	89.15%	90.00%	92.50%
Projected Dividends (M)	311.30	310.86	310.39	309.89	309.37	308.82	326.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.12%	-1.12%	-0.12%
Year 1 PV (M)	286.15	289.07	291.99
Year 2 PV (M)	263.00	268.40	273.86
Year 3 PV (M)	241.70	249.19	256.83
Year 4 PV (M)	222.11	231.33	240.83
Year 5 PV (M)	204.09	214.73	225.81
PV of Terminal Value (M)	4,760.91	5,009.15	5,267.63
Equity Value (M)	5,977.96	6,261.86	6,556.94
Shares Outstanding (M)	99.30	99.30	99.30
Fair Value	$60.20	$63.06	$66.03
Upside / Downside	-17.19%	-13.26%	-9.17%

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Amazing Microelectronic Corp. (6411.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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