DDM Analysis: 4005.SR

Valuation Snapshot

Stable Growth	$443.67 - $1,389.00	$1,301.69
Multi-Stage	$185.17 - $202.67	$193.76
Blended Fair Value	$747.73
Current Price	$163.50
Upside	357.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.87%	2.58%	2.00	1.00	1.00	1.00	2.00	1.00	1.00	0.00	0.75	1.55
YoY Growth	-	-	100.00%	0.00%	0.00%	-49.98%	99.92%	0.00%	0.00%	-100.00%	-51.61%	0.00%
Dividend Yield	-	-	1.30%	0.54%	1.11%	1.21%	3.74%	2.76%	2.14%	0.00%	1.41%	3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	312.69
(-) Cash Dividends Paid (M)	89.38
(=) Cash Retained (M)	223.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.54	39.09	23.45
Cash Retained (M)	223.31	223.31	223.31
(-) Cash Required (M)	-62.54	-39.09	-23.45
(=) Excess Retained (M)	160.77	184.22	199.85
(/) Shares Outstanding (M)	44.77	44.77	44.77
(=) Excess Retained per Share	3.59	4.11	4.46
LTM Dividend per Share	2.00	2.00	2.00
(+) Excess Retained per Share	3.59	4.11	4.46
(=) Adjusted Dividend	5.59	6.11	6.46
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$443.67	$1,301.69	$1,389.00
Upside / Downside	171.36%	696.14%	749.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	312.69	333.01	354.66	377.71	402.26	428.41	441.26
Payout Ratio	28.58%	40.87%	53.15%	65.43%	77.72%	90.00%	92.50%
Projected Dividends (M)	89.38	136.09	188.50	247.15	312.62	385.57	408.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	126.20	127.39	128.59
Year 2 PV (M)	162.09	165.17	168.29
Year 3 PV (M)	197.06	202.72	208.48
Year 4 PV (M)	231.14	240.03	249.18
Year 5 PV (M)	264.35	277.12	290.37
PV of Terminal Value (M)	7,309.19	7,662.23	8,028.78
Equity Value (M)	8,290.03	8,674.66	9,073.69
Shares Outstanding (M)	44.77	44.77	44.77
Fair Value	$185.17	$193.76	$202.67
Upside / Downside	13.25%	18.51%	23.96%

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Financial Statements

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National Medical Care Company (4005.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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