DDM Analysis: 6220.TWO

Valuation Snapshot

Stable Growth	$7.00 - $10.66	$8.71
Multi-Stage	$15.43 - $16.94	$16.17
Blended Fair Value	$12.44
Current Price	$19.10
Upside	-34.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-14.00%	0.00%	0.81	2.99	0.12	0.91	0.73	1.71	0.00	0.00	0.00	0.00
YoY Growth	-	-	-73.04%	2,456.50%	-87.12%	24.68%	-57.50%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.41%	12.40%	0.42%	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)	114.88
(-) Cash Dividends Paid (M)	102.52
(=) Cash Retained (M)	12.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.98	14.36	8.62
Cash Retained (M)	12.35	12.35	12.35
(-) Cash Required (M)	-22.98	-14.36	-8.62
(=) Excess Retained (M)	-10.62	-2.01	3.74
(/) Shares Outstanding (M)	145.43	145.43	145.43
(=) Excess Retained per Share	-0.07	-0.01	0.03
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	-0.07	-0.01	0.03
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.00	$8.71	$10.66
Upside / Downside	-63.37%	-54.38%	-44.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.88	113.73	112.59	111.47	110.35	109.25	112.53
Payout Ratio	89.25%	89.40%	89.55%	89.70%	89.85%	90.00%	92.50%
Projected Dividends (M)	102.52	101.67	100.82	99.98	99.15	98.32	104.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	94.19	95.15	96.11
Year 2 PV (M)	86.53	88.31	90.10
Year 3 PV (M)	79.50	81.95	84.46
Year 4 PV (M)	73.03	76.06	79.18
Year 5 PV (M)	67.09	70.59	74.22
PV of Terminal Value (M)	1,843.46	1,939.45	2,039.40
Equity Value (M)	2,243.80	2,351.51	2,463.48
Shares Outstanding (M)	145.43	145.43	145.43
Fair Value	$15.43	$16.17	$16.94
Upside / Downside	-19.22%	-15.34%	-11.31%

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YFC-Boneagle Electric Co., Ltd. (6220.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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