DDM Analysis: 2249.TWO

Valuation Snapshot

Stable Growth	$971.83 - $4,650.11	$2,114.67
Multi-Stage	$646.03 - $708.01	$676.44
Blended Fair Value	$1,395.56
Current Price	$82.73
Upside	1,586.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.66%	0.00%	2.52	2.51	1.92	2.09	2.34	1.07	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.26%	30.67%	-7.90%	-10.71%	118.32%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.29%	3.67%	5.20%	4.69%	5.07%	1.94%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	565.54
(-) Cash Dividends Paid (M)	120.50
(=) Cash Retained (M)	445.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.11	70.69	42.42
Cash Retained (M)	445.04	445.04	445.04
(-) Cash Required (M)	-113.11	-70.69	-42.42
(=) Excess Retained (M)	331.93	374.35	402.62
(/) Shares Outstanding (M)	23.96	23.96	23.96
(=) Excess Retained per Share	13.85	15.62	16.80
LTM Dividend per Share	5.03	5.03	5.03
(+) Excess Retained per Share	13.85	15.62	16.80
(=) Adjusted Dividend	18.88	20.65	21.83
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.51%	5.51%	6.51%
Fair Value	$971.83	$2,114.67	$4,650.11
Upside / Downside	1,074.70%	2,456.12%	5,520.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	565.54	596.70	629.58	664.26	700.86	739.47	761.65
Payout Ratio	21.31%	35.05%	48.78%	62.52%	76.26%	90.00%	92.50%
Projected Dividends (M)	120.50	209.12	307.14	415.32	534.48	665.52	704.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.51%	5.51%	6.51%
Year 1 PV (M)	194.42	196.28	198.14
Year 2 PV (M)	265.48	270.59	275.74
Year 3 PV (M)	333.76	343.44	353.29
Year 4 PV (M)	399.34	414.85	430.80
Year 5 PV (M)	462.30	484.85	508.27
PV of Terminal Value (M)	13,826.14	14,500.40	15,200.72
Equity Value (M)	15,481.46	16,210.41	16,966.96
Shares Outstanding (M)	23.96	23.96	23.96
Fair Value	$646.03	$676.44	$708.01
Upside / Downside	680.88%	717.65%	755.81%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
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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%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
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%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
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%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Young Shine Electric Co., Ltd. (2249.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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