DDM Analysis: 6665.TWO

Valuation Snapshot

Stable Growth	$5.20 - $7.94	$6.48
Multi-Stage	$11.49 - $12.62	$12.04
Blended Fair Value	$9.26
Current Price	$25.00
Upside	-62.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-56.47%	0.00%	0.05	0.46	0.71	2.26	4.51	3.32	2.82	0.00	0.00	0.00
YoY Growth	-	-	-88.60%	-35.41%	-68.79%	-49.86%	35.63%	17.89%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.28%	1.57%	2.02%	4.70%	8.79%	2.22%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.58
(-) Cash Dividends Paid (M)	23.04
(=) Cash Retained (M)	3.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.32	3.32	1.99
Cash Retained (M)	3.55	3.55	3.55
(-) Cash Required (M)	-5.32	-3.32	-1.99
(=) Excess Retained (M)	-1.77	0.23	1.55
(/) Shares Outstanding (M)	45.37	45.37	45.37
(=) Excess Retained per Share	-0.04	0.00	0.03
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	-0.04	0.00	0.03
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.20	$6.48	$7.94
Upside / Downside	-79.19%	-74.07%	-68.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.58	26.32	26.05	25.79	25.54	25.28	26.04
Payout Ratio	86.65%	87.32%	87.99%	88.66%	89.33%	90.00%	92.50%
Projected Dividends (M)	23.04	22.98	22.93	22.87	22.81	22.75	24.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.30	21.51	21.73
Year 2 PV (M)	19.69	20.09	20.50
Year 3 PV (M)	18.20	18.76	19.33
Year 4 PV (M)	16.82	17.52	18.23
Year 5 PV (M)	15.54	16.35	17.20
PV of Terminal Value (M)	429.85	452.23	475.54
Equity Value (M)	521.39	546.46	572.53
Shares Outstanding (M)	45.37	45.37	45.37
Fair Value	$11.49	$12.04	$12.62
Upside / Downside	-54.03%	-51.82%	-49.53%

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Healthconn Corp. (6665.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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