DDM Analysis: 6435.TWO

Valuation Snapshot

Stable Growth	$143.09 - $311.89	$205.13
Multi-Stage	$154.29 - $168.84	$161.43
Blended Fair Value	$183.28
Current Price	$103.50
Upside	77.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.70%	5.18%	2.76	2.65	6.36	4.40	3.76	6.12	3.06	2.62	2.62	2.31
YoY Growth	-	-	4.20%	-58.33%	44.52%	17.16%	-38.57%	100.00%	16.67%	0.00%	13.42%	38.69%
Dividend Yield	-	-	2.59%	2.54%	6.73%	3.01%	3.13%	9.40%	2.80%	2.77%	3.79%	6.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	285.68
(-) Cash Dividends Paid (M)	161.15
(=) Cash Retained (M)	124.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.14	35.71	21.43
Cash Retained (M)	124.53	124.53	124.53
(-) Cash Required (M)	-57.14	-35.71	-21.43
(=) Excess Retained (M)	67.40	88.82	103.11
(/) Shares Outstanding (M)	37.84	37.84	37.84
(=) Excess Retained per Share	1.78	2.35	2.72
LTM Dividend per Share	4.26	4.26	4.26
(+) Excess Retained per Share	1.78	2.35	2.72
(=) Adjusted Dividend	6.04	6.61	6.98
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	3.18%	4.18%	5.18%
Fair Value	$143.09	$205.13	$311.89
Upside / Downside	38.26%	98.19%	201.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	285.68	297.63	310.08	323.05	336.56	350.64	361.16
Payout Ratio	56.41%	63.13%	69.85%	76.56%	83.28%	90.00%	92.50%
Projected Dividends (M)	161.15	187.88	216.57	247.34	280.29	315.58	334.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	3.18%	4.18%	5.18%
Year 1 PV (M)	173.04	174.71	176.39
Year 2 PV (M)	183.70	187.28	190.89
Year 3 PV (M)	193.21	198.89	204.67
Year 4 PV (M)	201.66	209.59	217.75
Year 5 PV (M)	209.10	219.43	230.16
PV of Terminal Value (M)	4,877.79	5,118.78	5,369.20
Equity Value (M)	5,838.49	6,108.67	6,389.07
Shares Outstanding (M)	37.84	37.84	37.84
Fair Value	$154.29	$161.43	$168.84
Upside / Downside	49.08%	55.98%	63.14%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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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Sinopower Semiconductor, Inc. (6435.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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