DDM Analysis: 6683.TWO

Valuation Snapshot

Stable Growth	$630.76 - $3,030.23	$1,366.86
Multi-Stage	$348.17 - $380.24	$363.92
Blended Fair Value	$865.39
Current Price	$386.50
Upside	123.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	17.02%	0.00%	6.48	7.42	7.67	5.41	3.94	2.95	0.00	0.00	0.00	0.00
YoY Growth	-	-	-12.69%	-3.31%	41.82%	37.50%	33.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	2.59%	3.69%	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)	419.27
(-) Cash Dividends Paid (M)	273.88
(=) Cash Retained (M)	145.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	83.85	52.41	31.45
Cash Retained (M)	145.39	145.39	145.39
(-) Cash Required (M)	-83.85	-52.41	-31.45
(=) Excess Retained (M)	61.53	92.98	113.94
(/) Shares Outstanding (M)	27.52	27.52	27.52
(=) Excess Retained per Share	2.24	3.38	4.14
LTM Dividend per Share	9.95	9.95	9.95
(+) Excess Retained per Share	2.24	3.38	4.14
(=) Adjusted Dividend	12.19	13.33	14.09
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$630.76	$1,366.86	$3,030.23
Upside / Downside	63.20%	253.65%	684.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	419.27	446.52	475.54	506.45	539.37	574.43	591.67
Payout Ratio	65.32%	70.26%	75.19%	80.13%	85.06%	90.00%	92.50%
Projected Dividends (M)	273.88	313.72	357.58	405.82	458.82	516.99	547.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	288.99	291.73	294.47
Year 2 PV (M)	303.42	309.20	315.04
Year 3 PV (M)	317.21	326.32	335.59
Year 4 PV (M)	330.36	343.07	356.13
Year 5 PV (M)	342.90	359.46	376.66
PV of Terminal Value (M)	7,997.72	8,384.01	8,785.09
Equity Value (M)	9,580.60	10,013.79	10,462.98
Shares Outstanding (M)	27.52	27.52	27.52
Fair Value	$348.17	$363.92	$380.24
Upside / Downside	-9.92%	-5.84%	-1.62%

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Keystone Microtech Corporation (6683.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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