DDM Analysis: 4129.TWO

Valuation Snapshot

Stable Growth	$222.78 - $1,125.15	$461.12
Multi-Stage	$126.75 - $138.38	$132.46
Blended Fair Value	$296.79
Current Price	$123.00
Upside	141.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	19.12%	0.00%	3.94	2.05	0.00	0.91	0.71	1.64	1.03	1.02	1.17	0.00
YoY Growth	-	-	92.35%	0.00%	-100.00%	28.38%	-57.03%	60.26%	0.85%	-13.28%	0.00%	0.00%
Dividend Yield	-	-	4.55%	2.07%	0.00%	3.09%	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)	553.57
(-) Cash Dividends Paid (M)	385.87
(=) Cash Retained (M)	167.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	110.71	69.20	41.52
Cash Retained (M)	167.71	167.71	167.71
(-) Cash Required (M)	-110.71	-69.20	-41.52
(=) Excess Retained (M)	56.99	98.51	126.19
(/) Shares Outstanding (M)	97.85	97.85	97.85
(=) Excess Retained per Share	0.58	1.01	1.29
LTM Dividend per Share	3.94	3.94	3.94
(+) Excess Retained per Share	0.58	1.01	1.29
(=) Adjusted Dividend	4.53	4.95	5.23
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$222.78	$461.12	$1,125.15
Upside / Downside	81.13%	274.90%	814.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	553.57	589.55	627.88	668.69	712.15	758.44	781.19
Payout Ratio	69.70%	73.76%	77.82%	81.88%	85.94%	90.00%	92.50%
Projected Dividends (M)	385.87	434.88	488.63	547.53	612.03	682.60	722.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	400.21	404.00	407.79
Year 2 PV (M)	413.82	421.70	429.66
Year 3 PV (M)	426.73	438.98	451.47
Year 4 PV (M)	438.97	455.85	473.22
Year 5 PV (M)	450.55	472.31	494.91
PV of Terminal Value (M)	10,271.88	10,768.01	11,283.14
Equity Value (M)	12,402.16	12,960.86	13,540.18
Shares Outstanding (M)	97.85	97.85	97.85
Fair Value	$126.75	$132.46	$138.38
Upside / Downside	3.05%	7.69%	12.51%

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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
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United Orthopedic Corporation (4129.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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