DDM Analysis: 6944.TWO

Valuation Snapshot

Stable Growth	$1,389.49 - $7,640.83	$2,684.46
Multi-Stage	$791.08 - $865.32	$827.52
Blended Fair Value	$1,755.99
Current Price	$431.50
Upside	306.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	103.37%	0.00%	6.91	1.71	0.32	0.15	0.11	0.20	0.00	0.00	0.00	0.00
YoY Growth	-	-	304.36%	439.70%	108.98%	32.09%	-42.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.85%	1.10%	0.34%	0.16%	0.12%	0.21%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,738.99
(-) Cash Dividends Paid (M)	614.11
(=) Cash Retained (M)	2,124.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	547.80	342.37	205.42
Cash Retained (M)	2,124.88	2,124.88	2,124.88
(-) Cash Required (M)	-547.80	-342.37	-205.42
(=) Excess Retained (M)	1,577.08	1,782.50	1,919.45
(/) Shares Outstanding (M)	71.29	71.29	71.29
(=) Excess Retained per Share	22.12	25.00	26.92
LTM Dividend per Share	8.61	8.61	8.61
(+) Excess Retained per Share	22.12	25.00	26.92
(=) Adjusted Dividend	30.74	33.62	35.54
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,389.49	$2,684.46	$7,640.83
Upside / Downside	222.01%	522.12%	1,670.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,738.99	2,917.03	3,106.63	3,308.57	3,523.62	3,752.66	3,865.24
Payout Ratio	22.42%	35.94%	49.45%	62.97%	76.48%	90.00%	92.50%
Projected Dividends (M)	614.11	1,048.29	1,536.31	2,083.35	2,695.02	3,377.39	3,575.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	963.01	972.14	981.26
Year 2 PV (M)	1,296.51	1,321.21	1,346.14
Year 3 PV (M)	1,615.13	1,661.50	1,708.74
Year 4 PV (M)	1,919.35	1,993.16	2,069.09
Year 5 PV (M)	2,209.65	2,316.37	2,427.19
PV of Terminal Value (M)	48,392.62	50,730.00	53,156.84
Equity Value (M)	56,396.27	58,994.38	61,689.25
Shares Outstanding (M)	71.29	71.29	71.29
Fair Value	$791.08	$827.52	$865.32
Upside / Downside	83.33%	91.78%	100.54%

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Mega Union Technology Inc. (6944.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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