DDM Analysis: 688665.SS

Valuation Snapshot

Stable Growth	$267.64 - $315.33	$295.51
Multi-Stage	$209.45 - $229.89	$219.48
Blended Fair Value	$257.49
Current Price	$63.26
Upside	307.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	58.50%	0.00%	0.63	0.65	0.89	0.31	0.21	0.06	0.07	0.17	0.00	0.00
YoY Growth	-	-	-2.69%	-27.36%	186.67%	49.76%	229.70%	-8.85%	-59.46%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.70%	1.61%	1.38%	0.33%	0.49%	0.14%	0.15%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	158.43
(-) Cash Dividends Paid (M)	37.99
(=) Cash Retained (M)	120.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.69	19.80	11.88
Cash Retained (M)	120.44	120.44	120.44
(-) Cash Required (M)	-31.69	-19.80	-11.88
(=) Excess Retained (M)	88.76	100.64	108.56
(/) Shares Outstanding (M)	99.92	99.92	99.92
(=) Excess Retained per Share	0.89	1.01	1.09
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.89	1.01	1.09
(=) Adjusted Dividend	1.27	1.39	1.47
WACC / Discount Rate	-0.58%	-0.58%	-0.58%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$267.64	$295.51	$315.33
Upside / Downside	323.08%	367.13%	398.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	158.43	168.73	179.69	191.37	203.81	217.06	223.57
Payout Ratio	23.98%	37.18%	50.39%	63.59%	76.80%	90.00%	92.50%
Projected Dividends (M)	37.99	62.73	90.54	121.70	156.52	195.36	206.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.58%	-0.58%	-0.58%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	62.51	63.10	63.69
Year 2 PV (M)	89.89	91.60	93.33
Year 3 PV (M)	120.38	123.84	127.36
Year 4 PV (M)	154.27	160.20	166.30
Year 5 PV (M)	191.85	201.12	210.74
PV of Terminal Value (M)	20,309.67	21,290.64	22,309.15
Equity Value (M)	20,928.57	21,930.50	22,970.57
Shares Outstanding (M)	99.92	99.92	99.92
Fair Value	$209.45	$219.48	$229.89
Upside / Downside	231.10%	246.95%	263.40%

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Cubic Sensor and Instrument Co., Ltd (688665.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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