DDM Analysis: 3260.TWO

Valuation Snapshot

Stable Growth	$460.11 - $2,210.12	$997.17
Multi-Stage	$249.97 - $273.21	$261.38
Blended Fair Value	$629.27
Current Price	$157.00
Upside	300.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	82.28%	-5.82%	2.81	1.69	4.55	2.59	1.00	0.14	4.19	2.79	0.34	1.80
YoY Growth	-	-	66.64%	-62.93%	75.90%	159.74%	613.06%	-96.67%	50.39%	713.45%	-80.91%	-64.95%
Dividend Yield	-	-	3.31%	1.70%	5.95%	3.18%	1.21%	0.35%	10.77%	3.83%	0.46%	5.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,468.56
(-) Cash Dividends Paid (M)	1,619.43
(=) Cash Retained (M)	1,849.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	693.71	433.57	260.14
Cash Retained (M)	1,849.13	1,849.13	1,849.13
(-) Cash Required (M)	-693.71	-433.57	-260.14
(=) Excess Retained (M)	1,155.42	1,415.56	1,588.99
(/) Shares Outstanding (M)	312.11	312.11	312.11
(=) Excess Retained per Share	3.70	4.54	5.09
LTM Dividend per Share	5.19	5.19	5.19
(+) Excess Retained per Share	3.70	4.54	5.09
(=) Adjusted Dividend	8.89	9.72	10.28
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$460.11	$997.17	$2,210.12
Upside / Downside	193.06%	535.14%	1,307.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,468.56	3,694.02	3,934.13	4,189.85	4,462.19	4,752.23	4,894.79
Payout Ratio	46.69%	55.35%	64.01%	72.68%	81.34%	90.00%	92.50%
Projected Dividends (M)	1,619.43	2,044.67	2,518.36	3,044.99	3,629.44	4,277.01	4,527.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,883.49	1,901.34	1,919.19
Year 2 PV (M)	2,136.96	2,177.66	2,218.75
Year 3 PV (M)	2,380.14	2,448.46	2,518.08
Year 4 PV (M)	2,613.33	2,713.83	2,817.21
Year 5 PV (M)	2,836.83	2,973.85	3,116.11
PV of Terminal Value (M)	66,168.85	69,364.83	72,683.13
Equity Value (M)	78,019.59	81,579.98	85,272.47
Shares Outstanding (M)	312.11	312.11	312.11
Fair Value	$249.97	$261.38	$273.21
Upside / Downside	59.22%	66.48%	74.02%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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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ADATA Technology Co., Ltd. (3260.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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