DDM Analysis: 5315.TWO

Valuation Snapshot

Stable Growth	$14.44 - $22.14	$18.04
Multi-Stage	$31.63 - $34.80	$33.18
Blended Fair Value	$25.61
Current Price	$22.65
Upside	13.06%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-11.31%	0.00%	0.79	1.79	1.29	0.81	0.79	1.45	0.00	0.00	0.00	0.00
YoY Growth	-	-	-55.56%	38.46%	58.38%	3.24%	-45.45%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.40%	9.73%	5.68%	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)	171.31
(-) Cash Dividends Paid (M)	85.08
(=) Cash Retained (M)	86.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.26	21.41	12.85
Cash Retained (M)	86.23	86.23	86.23
(-) Cash Required (M)	-34.26	-21.41	-12.85
(=) Excess Retained (M)	51.97	64.82	73.38
(/) Shares Outstanding (M)	107.18	107.18	107.18
(=) Excess Retained per Share	0.48	0.60	0.68
LTM Dividend per Share	0.79	0.79	0.79
(+) Excess Retained per Share	0.48	0.60	0.68
(=) Adjusted Dividend	1.28	1.40	1.48
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$14.44	$18.04	$22.14
Upside / Downside	-36.24%	-20.37%	-2.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	171.31	169.60	167.90	166.22	164.56	162.91	167.80
Payout Ratio	49.66%	57.73%	65.80%	73.87%	81.93%	90.00%	92.50%
Projected Dividends (M)	85.08	97.91	110.48	122.78	134.83	146.62	155.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	90.86	91.78	92.71
Year 2 PV (M)	95.13	97.08	99.05
Year 3 PV (M)	98.11	101.14	104.24
Year 4 PV (M)	99.97	104.11	108.39
Year 5 PV (M)	100.88	106.14	111.61
PV of Terminal Value (M)	2,904.98	3,056.25	3,213.76
Equity Value (M)	3,389.93	3,556.51	3,729.75
Shares Outstanding (M)	107.18	107.18	107.18
Fair Value	$31.63	$33.18	$34.80
Upside / Downside	39.63%	46.49%	53.63%

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United Radiant Technology Corporation (5315.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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