DDM Analysis: 3217.TWO

Valuation Snapshot

Stable Growth	$661.50 - $2,350.04	$2,169.06
Multi-Stage	$304.41 - $332.80	$318.35
Blended Fair Value	$1,243.70
Current Price	$159.50
Upside	679.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	18.55%	0.00%	6.40	5.35	5.60	5.60	3.92	2.73	0.00	0.00	0.00	0.00
YoY Growth	-	-	19.63%	-4.46%	0.00%	42.92%	43.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.25%	2.95%	5.02%	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)	1,065.19
(-) Cash Dividends Paid (M)	576.67
(=) Cash Retained (M)	488.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	213.04	133.15	79.89
Cash Retained (M)	488.52	488.52	488.52
(-) Cash Required (M)	-213.04	-133.15	-79.89
(=) Excess Retained (M)	275.48	355.37	408.63
(/) Shares Outstanding (M)	90.14	90.14	90.14
(=) Excess Retained per Share	3.06	3.94	4.53
LTM Dividend per Share	6.40	6.40	6.40
(+) Excess Retained per Share	3.06	3.94	4.53
(=) Adjusted Dividend	9.45	10.34	10.93
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$661.50	$2,169.06	$2,350.04
Upside / Downside	314.73%	1,259.91%	1,373.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,065.19	1,134.43	1,208.16	1,286.69	1,370.33	1,459.40	1,503.18
Payout Ratio	54.14%	61.31%	68.48%	75.66%	82.83%	90.00%	92.50%
Projected Dividends (M)	576.67	695.52	827.38	973.45	1,135.01	1,313.46	1,390.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	643.87	649.97	656.07
Year 2 PV (M)	709.06	722.56	736.20
Year 3 PV (M)	772.28	794.45	817.04
Year 4 PV (M)	833.59	865.64	898.62
Year 5 PV (M)	893.01	936.14	980.93
PV of Terminal Value (M)	23,588.54	24,727.88	25,910.82
Equity Value (M)	27,440.34	28,696.65	29,999.67
Shares Outstanding (M)	90.14	90.14	90.14
Fair Value	$304.41	$318.35	$332.80
Upside / Downside	90.85%	99.59%	108.65%

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Argosy Research Inc. (3217.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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