DDM Analysis: 8924.TWO

Valuation Snapshot

Stable Growth	$77.12 - $141.74	$103.79
Multi-Stage	$124.03 - $135.94	$129.87
Blended Fair Value	$116.83
Current Price	$73.00
Upside	60.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.08%	0.00%	4.28	12.78	13.62	4.97	3.78	1.19	4.89	0.00	0.00	0.00
YoY Growth	-	-	-66.54%	-6.20%	174.00%	31.58%	216.67%	-75.61%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.01%	14.04%	10.09%	3.50%	4.02%	3.20%	22.70%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	448.27
(-) Cash Dividends Paid (M)	360.34
(=) Cash Retained (M)	87.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.65	56.03	33.62
Cash Retained (M)	87.93	87.93	87.93
(-) Cash Required (M)	-89.65	-56.03	-33.62
(=) Excess Retained (M)	-1.73	31.89	54.31
(/) Shares Outstanding (M)	84.27	84.27	84.27
(=) Excess Retained per Share	-0.02	0.38	0.64
LTM Dividend per Share	4.28	4.28	4.28
(+) Excess Retained per Share	-0.02	0.38	0.64
(=) Adjusted Dividend	4.26	4.65	4.92
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	1.13%	2.13%	3.13%
Fair Value	$77.12	$103.79	$141.74
Upside / Downside	5.65%	42.17%	94.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	448.27	457.80	467.54	477.49	487.64	498.01	512.95
Payout Ratio	80.38%	82.31%	84.23%	86.15%	88.08%	90.00%	92.50%
Projected Dividends (M)	360.34	376.81	393.81	411.37	429.50	448.21	474.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	1.13%	2.13%	3.13%
Year 1 PV (M)	349.67	353.12	356.58
Year 2 PV (M)	339.12	345.86	352.67
Year 3 PV (M)	328.73	338.57	348.62
Year 4 PV (M)	318.49	331.27	344.44
Year 5 PV (M)	308.42	323.98	340.15
PV of Terminal Value (M)	8,806.96	9,251.10	9,712.98
Equity Value (M)	10,451.39	10,943.91	11,455.44
Shares Outstanding (M)	84.27	84.27	84.27
Fair Value	$124.03	$129.87	$135.94
Upside / Downside	69.90%	77.91%	86.22%

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O-TA Precision Industry Co., Ltd. (8924.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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