DDM Analysis: 4908.TWO

Valuation Snapshot

Stable Growth	$32.00 - $56.07	$42.26
Multi-Stage	$53.14 - $58.27	$55.65
Blended Fair Value	$48.95
Current Price	$86.50
Upside	-43.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.78%	0.00%	2.40	3.00	1.80	1.10	1.10	0.86	0.81	0.65	0.40	0.00
YoY Growth	-	-	-20.00%	66.67%	63.64%	0.00%	27.91%	6.46%	25.17%	62.34%	0.00%	0.00%
Dividend Yield	-	-	3.12%	2.74%	5.55%	3.25%	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)	189.88
(-) Cash Dividends Paid (M)	136.88
(=) Cash Retained (M)	53.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.98	23.74	14.24
Cash Retained (M)	53.00	53.00	53.00
(-) Cash Required (M)	-37.98	-23.74	-14.24
(=) Excess Retained (M)	15.02	29.27	38.76
(/) Shares Outstanding (M)	78.19	78.19	78.19
(=) Excess Retained per Share	0.19	0.37	0.50
LTM Dividend per Share	1.75	1.75	1.75
(+) Excess Retained per Share	0.19	0.37	0.50
(=) Adjusted Dividend	1.94	2.12	2.25
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	0.74%	1.74%	2.74%
Fair Value	$32.00	$42.26	$56.07
Upside / Downside	-63.01%	-51.15%	-35.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	189.88	193.18	196.53	199.95	203.42	206.95	213.16
Payout Ratio	72.09%	75.67%	79.25%	82.83%	86.42%	90.00%	92.50%
Projected Dividends (M)	136.88	146.18	155.76	165.63	175.79	186.26	197.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	0.74%	1.74%	2.74%
Year 1 PV (M)	135.46	136.80	138.15
Year 2 PV (M)	133.75	136.42	139.12
Year 3 PV (M)	131.80	135.76	139.80
Year 4 PV (M)	129.63	134.85	140.23
Year 5 PV (M)	127.27	133.72	140.42
PV of Terminal Value (M)	3,496.97	3,674.02	3,858.17
Equity Value (M)	4,154.87	4,351.57	4,555.88
Shares Outstanding (M)	78.19	78.19	78.19
Fair Value	$53.14	$55.65	$58.27
Upside / Downside	-38.57%	-35.66%	-32.64%

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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
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%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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APAC Opto Electronics Inc. (4908.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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