DDM Analysis: 6712.TWO

Valuation Snapshot

Stable Growth	$48.26 - $71.14	$59.24
Multi-Stage	$91.65 - $100.47	$95.98
Blended Fair Value	$77.61
Current Price	$185.50
Upside	-58.16%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	5.21	1.61	3.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	222.87%	-55.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.39%	0.89%	2.25%	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)	520.90
(-) Cash Dividends Paid (M)	407.80
(=) Cash Retained (M)	113.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.18	65.11	39.07
Cash Retained (M)	113.09	113.09	113.09
(-) Cash Required (M)	-104.18	-65.11	-39.07
(=) Excess Retained (M)	8.91	47.98	74.02
(/) Shares Outstanding (M)	84.41	84.41	84.41
(=) Excess Retained per Share	0.11	0.57	0.88
LTM Dividend per Share	4.83	4.83	4.83
(+) Excess Retained per Share	0.11	0.57	0.88
(=) Adjusted Dividend	4.94	5.40	5.71
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$48.26	$59.24	$71.14
Upside / Downside	-73.98%	-68.07%	-61.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	520.90	515.69	510.53	505.42	500.37	495.37	510.23
Payout Ratio	78.29%	80.63%	82.97%	85.32%	87.66%	90.00%	92.50%
Projected Dividends (M)	407.80	415.80	423.60	431.21	438.61	445.83	471.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	381.03	384.92	388.81
Year 2 PV (M)	355.71	363.01	370.38
Year 3 PV (M)	331.81	342.07	352.55
Year 4 PV (M)	309.29	322.11	335.32
Year 5 PV (M)	288.08	303.08	318.70
PV of Terminal Value (M)	6,070.03	6,386.11	6,715.22
Equity Value (M)	7,735.96	8,101.30	8,480.98
Shares Outstanding (M)	84.41	84.41	84.41
Fair Value	$91.65	$95.98	$100.47
Upside / Downside	-50.59%	-48.26%	-45.84%

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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%
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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%
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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%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Ever Supreme Bio Technology Co., Ltd (6712.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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