DDM Analysis: 6895.TWO

Valuation Snapshot

Stable Growth	$649.97 - $765.77	$717.64
Multi-Stage	$449.20 - $492.83	$470.61
Blended Fair Value	$594.12
Current Price	$269.00
Upside	120.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	30.19%	0.00%	2.20	3.14	2.28	1.64	0.22	0.59	0.00	0.00	0.00	0.00
YoY Growth	-	-	-29.86%	38.00%	38.89%	644.00%	-62.60%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.68%	3.06%	1.40%	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)	131.12
(-) Cash Dividends Paid (M)	78.43
(=) Cash Retained (M)	52.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.22	16.39	9.83
Cash Retained (M)	52.69	52.69	52.69
(-) Cash Required (M)	-26.22	-16.39	-9.83
(=) Excess Retained (M)	26.47	36.30	42.86
(/) Shares Outstanding (M)	34.05	34.05	34.05
(=) Excess Retained per Share	0.78	1.07	1.26
LTM Dividend per Share	2.30	2.30	2.30
(+) Excess Retained per Share	0.78	1.07	1.26
(=) Adjusted Dividend	3.08	3.37	3.56
WACC / Discount Rate	2.08%	2.08%	2.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$649.97	$717.64	$765.77
Upside / Downside	141.62%	166.78%	184.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.12	139.64	148.72	158.39	168.68	179.65	185.04
Payout Ratio	59.81%	65.85%	71.89%	77.93%	83.96%	90.00%	92.50%
Projected Dividends (M)	78.43	91.96	106.91	123.43	141.63	161.68	171.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.08%	2.08%	2.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	89.24	90.08	90.93
Year 2 PV (M)	100.68	102.60	104.53
Year 3 PV (M)	112.79	116.03	119.33
Year 4 PV (M)	125.60	130.43	135.40
Year 5 PV (M)	139.14	145.86	152.83
PV of Terminal Value (M)	14,729.13	15,440.55	16,179.20
Equity Value (M)	15,296.57	16,025.54	16,782.22
Shares Outstanding (M)	34.05	34.05	34.05
Fair Value	$449.20	$470.61	$492.83
Upside / Downside	66.99%	74.95%	83.21%

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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%
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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%
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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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Wave Power Technology Inc. (6895.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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