DDM Analysis: 204320.KS

Valuation Snapshot

Stable Growth	$439,862.54 - $518,306.85	$485,694.96
Multi-Stage	$358,428.76 - $393,666.24	$375,715.88
Blended Fair Value	$430,705.42
Current Price	$33,600.00
Upside	1,181.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.70%	0.00%	565.84	470.99	753.59	173.84	517.23	683.34	188.08	1,088.03	1,099.62	376.17
YoY Growth	-	-	20.14%	-37.50%	333.49%	-66.39%	-24.31%	263.32%	-82.71%	-1.05%	192.32%	0.00%
Dividend Yield	-	-	1.47%	1.39%	1.64%	0.35%	0.79%	3.30%	0.64%	2.34%	2.12%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130,746.92
(-) Cash Dividends Paid (M)	38,522.29
(=) Cash Retained (M)	92,224.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26,149.38	16,343.36	9,806.02
Cash Retained (M)	92,224.63	92,224.63	92,224.63
(-) Cash Required (M)	-26,149.38	-16,343.36	-9,806.02
(=) Excess Retained (M)	66,075.25	75,881.26	82,418.61
(/) Shares Outstanding (M)	49.79	49.79	49.79
(=) Excess Retained per Share	1,327.04	1,523.98	1,655.27
LTM Dividend per Share	773.67	773.67	773.67
(+) Excess Retained per Share	1,327.04	1,523.98	1,655.27
(=) Adjusted Dividend	2,100.71	2,297.65	2,428.95
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	4.69%	5.69%	6.69%
Fair Value	$439,862.54	$485,694.96	$518,306.85
Upside / Downside	1,209.11%	1,345.52%	1,442.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130,746.92	138,191.40	146,059.76	154,376.12	163,166.01	172,456.37	177,630.06
Payout Ratio	29.46%	41.57%	53.68%	65.79%	77.89%	90.00%	92.50%
Projected Dividends (M)	38,522.29	57,446.99	78,401.88	101,556.79	127,094.33	155,210.73	164,307.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	4.69%	5.69%	6.69%
Year 1 PV (M)	58,047.61	58,602.06	59,156.51
Year 2 PV (M)	80,049.85	81,586.37	83,137.50
Year 3 PV (M)	104,775.56	107,806.67	110,895.69
Year 4 PV (M)	132,493.38	137,628.50	142,911.46
Year 5 PV (M)	163,495.87	171,454.75	179,720.60
PV of Terminal Value (M)	17,307,854.02	18,150,390.22	19,025,422.89
Equity Value (M)	17,846,716.29	18,707,468.56	19,601,244.64
Shares Outstanding (M)	49.79	49.79	49.79
Fair Value	$358,428.76	$375,715.88	$393,666.24
Upside / Downside	966.75%	1,018.20%	1,071.63%

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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%
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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%
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%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
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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%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Mando Corporation (204320.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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