DDM Analysis: 3684.TWO

Valuation Snapshot

Stable Growth	$210.82 - $489.73	$458.62
Multi-Stage	$248.36 - $274.45	$261.14
Blended Fair Value	$359.88
Current Price	$42.00
Upside	756.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-8.24%	0.00%	0.79	1.87	2.44	1.22	1.71	1.22	0.00	0.00	0.00	0.00
YoY Growth	-	-	-57.57%	-23.33%	100.00%	-28.57%	40.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.76%	4.20%	4.47%	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)	80.16
(-) Cash Dividends Paid (M)	24.00
(=) Cash Retained (M)	56.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.03	10.02	6.01
Cash Retained (M)	56.16	56.16	56.16
(-) Cash Required (M)	-16.03	-10.02	-6.01
(=) Excess Retained (M)	40.13	46.14	50.15
(/) Shares Outstanding (M)	30.28	30.28	30.28
(=) Excess Retained per Share	1.33	1.52	1.66
LTM Dividend per Share	0.79	0.79	0.79
(+) Excess Retained per Share	1.33	1.52	1.66
(=) Adjusted Dividend	2.12	2.32	2.45
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$210.82	$458.62	$489.73
Upside / Downside	401.96%	991.95%	1,066.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.16	79.36	78.57	77.78	77.01	76.24	78.52
Payout Ratio	29.94%	41.95%	53.96%	65.98%	77.99%	90.00%	92.50%
Projected Dividends (M)	24.00	33.29	42.40	51.32	60.05	68.61	72.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	33.30	33.64	33.98
Year 2 PV (M)	42.40	43.27	44.15
Year 3 PV (M)	51.33	52.91	54.53
Year 4 PV (M)	60.07	62.56	65.12
Year 5 PV (M)	68.63	72.20	75.93
PV of Terminal Value (M)	7,265.32	7,643.64	8,037.56
Equity Value (M)	7,521.05	7,908.23	8,311.27
Shares Outstanding (M)	30.28	30.28	30.28
Fair Value	$248.36	$261.14	$274.45
Upside / Downside	491.33%	521.77%	553.46%

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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
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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%
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Grand-Tek Technology Co., Ltd. (3684.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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