DDM Analysis: 9563.SR

Valuation Snapshot

Stable Growth	$18.42 - $28.57	$23.12
Multi-Stage	$43.83 - $48.17	$45.96
Blended Fair Value	$34.54
Current Price	$40.00
Upside	-13.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.78	0.05	1.07	2.40	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	1,376.87%	-95.04%	-55.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.02%	0.16%	2.72%	6.11%	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)	11.28
(-) Cash Dividends Paid (M)	9.48
(=) Cash Retained (M)	1.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.26	1.41	0.85
Cash Retained (M)	1.80	1.80	1.80
(-) Cash Required (M)	-2.26	-1.41	-0.85
(=) Excess Retained (M)	-0.46	0.39	0.95
(/) Shares Outstanding (M)	5.75	5.75	5.75
(=) Excess Retained per Share	-0.08	0.07	0.17
LTM Dividend per Share	1.65	1.65	1.65
(+) Excess Retained per Share	-0.08	0.07	0.17
(=) Adjusted Dividend	1.57	1.72	1.81
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.42	$23.12	$28.57
Upside / Downside	-53.96%	-42.21%	-28.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.28	11.16	11.05	10.94	10.83	10.72	11.05
Payout Ratio	84.07%	85.26%	86.44%	87.63%	88.81%	90.00%	92.50%
Projected Dividends (M)	9.48	9.52	9.55	9.59	9.62	9.65	10.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8.86	8.95	9.04
Year 2 PV (M)	8.28	8.45	8.62
Year 3 PV (M)	7.73	7.97	8.22
Year 4 PV (M)	7.22	7.52	7.83
Year 5 PV (M)	6.74	7.09	7.46
PV of Terminal Value (M)	213.18	224.28	235.84
Equity Value (M)	252.01	264.26	277.00
Shares Outstanding (M)	5.75	5.75	5.75
Fair Value	$43.83	$45.96	$48.17
Upside / Downside	9.57%	14.90%	20.44%

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Bena Steel Industries Co. (9563.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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