DDM Analysis: 603658.SS

Valuation Snapshot

Stable Growth	$85.21 - $381.12	$198.84
Multi-Stage	$45.27 - $49.45	$47.32
Blended Fair Value	$123.08
Current Price	$39.20
Upside	213.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.47%	29.22%	1.09	0.84	0.77	0.69	0.69	0.60	0.53	0.74	0.01	0.11
YoY Growth	-	-	30.11%	9.16%	11.17%	0.36%	13.59%	13.20%	-27.99%	11,185.78%	-94.23%	35.91%
Dividend Yield	-	-	2.61%	1.45%	1.26%	1.43%	0.81%	0.67%	1.04%	1.78%	0.02%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,097.79
(-) Cash Dividends Paid (M)	728.20
(=) Cash Retained (M)	369.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	219.56	137.22	82.33
Cash Retained (M)	369.59	369.59	369.59
(-) Cash Required (M)	-219.56	-137.22	-82.33
(=) Excess Retained (M)	150.04	232.37	287.26
(/) Shares Outstanding (M)	572.85	572.85	572.85
(=) Excess Retained per Share	0.26	0.41	0.50
LTM Dividend per Share	1.27	1.27	1.27
(+) Excess Retained per Share	0.26	0.41	0.50
(=) Adjusted Dividend	1.53	1.68	1.77
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.21	$198.84	$381.12
Upside / Downside	117.37%	407.23%	872.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,097.79	1,169.15	1,245.14	1,326.08	1,412.27	1,504.07	1,549.19
Payout Ratio	66.33%	71.07%	75.80%	80.53%	85.27%	90.00%	92.50%
Projected Dividends (M)	728.20	830.87	943.82	1,067.93	1,204.20	1,353.66	1,433.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	766.37	773.64	780.90
Year 2 PV (M)	802.97	818.26	833.70
Year 3 PV (M)	838.04	862.09	886.61
Year 4 PV (M)	871.61	905.13	939.61
Year 5 PV (M)	903.74	947.39	992.71
PV of Terminal Value (M)	21,752.47	22,803.12	23,893.99
Equity Value (M)	25,935.20	27,109.63	28,327.51
Shares Outstanding (M)	572.85	572.85	572.85
Fair Value	$45.27	$47.32	$49.45
Upside / Downside	15.50%	20.73%	26.15%

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Autobio Diagnostics Co., Ltd. (603658.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener