DDM Analysis: 1784.TWO

Valuation Snapshot

Stable Growth	$43.34 - $197.71	$76.06
Multi-Stage	$27.04 - $29.53	$28.26
Blended Fair Value	$52.16
Current Price	$79.40
Upside	-34.31%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	20.01%	0.00%	0.66	0.65	0.47	0.17	0.12	0.26	0.00	0.00	0.00	0.00
YoY Growth	-	-	1.62%	38.74%	168.17%	47.60%	-55.40%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.78%	1.10%	1.06%	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)	69.82
(-) Cash Dividends Paid (M)	33.15
(=) Cash Retained (M)	36.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.96	8.73	5.24
Cash Retained (M)	36.66	36.66	36.66
(-) Cash Required (M)	-13.96	-8.73	-5.24
(=) Excess Retained (M)	22.70	27.94	31.43
(/) Shares Outstanding (M)	50.42	50.42	50.42
(=) Excess Retained per Share	0.45	0.55	0.62
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	0.45	0.55	0.62
(=) Adjusted Dividend	1.11	1.21	1.28
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.34	$76.06	$197.71
Upside / Downside	-45.42%	-4.21%	149.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.82	74.35	79.19	84.33	89.82	95.65	98.52
Payout Ratio	47.49%	55.99%	64.49%	72.99%	81.50%	90.00%	92.50%
Projected Dividends (M)	33.15	41.63	51.07	61.56	73.20	86.09	91.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.12	38.48	38.84
Year 2 PV (M)	42.81	43.62	44.45
Year 3 PV (M)	47.25	48.60	49.98
Year 4 PV (M)	51.43	53.41	55.45
Year 5 PV (M)	55.39	58.06	60.84
PV of Terminal Value (M)	1,128.32	1,182.81	1,239.40
Equity Value (M)	1,363.31	1,424.99	1,488.95
Shares Outstanding (M)	50.42	50.42	50.42
Fair Value	$27.04	$28.26	$29.53
Upside / Downside	-65.95%	-64.41%	-62.81%

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BIONET Corp. (1784.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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