DDM Analysis: 5457.TWO

Valuation Snapshot

Stable Growth	$396.82 - $467.53	$438.14
Multi-Stage	$277.34 - $304.42	$290.63
Blended Fair Value	$364.39
Current Price	$40.25
Upside	805.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.30	1.69	2.29	1.91	0.46	0.00	0.00	0.00	0.52	0.00
YoY Growth	-	-	-82.46%	-26.15%	19.69%	319.40%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.67%	2.76%	4.04%	3.26%	0.51%	0.00%	0.00%	0.00%	2.09%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	436.61
(-) Cash Dividends Paid (M)	55.14
(=) Cash Retained (M)	381.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.32	54.58	32.75
Cash Retained (M)	381.47	381.47	381.47
(-) Cash Required (M)	-87.32	-54.58	-32.75
(=) Excess Retained (M)	294.15	326.90	348.73
(/) Shares Outstanding (M)	185.72	185.72	185.72
(=) Excess Retained per Share	1.58	1.76	1.88
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	1.58	1.76	1.88
(=) Adjusted Dividend	1.88	2.06	2.17
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$396.82	$438.14	$467.53
Upside / Downside	885.90%	988.55%	1,061.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	436.61	464.99	495.21	527.40	561.68	598.19	616.14
Payout Ratio	12.63%	28.10%	43.58%	59.05%	74.53%	90.00%	92.50%
Projected Dividends (M)	55.14	130.67	215.80	311.44	418.60	538.37	569.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	127.32	128.52	129.73
Year 2 PV (M)	204.85	208.76	212.70
Year 3 PV (M)	288.05	296.32	304.74
Year 4 PV (M)	377.21	391.72	406.64
Year 5 PV (M)	472.69	495.52	519.22
PV of Terminal Value (M)	50,039.08	52,455.99	54,965.39
Equity Value (M)	51,509.20	53,976.82	56,538.43
Shares Outstanding (M)	185.72	185.72	185.72
Fair Value	$277.34	$290.63	$304.42
Upside / Downside	589.05%	622.06%	656.33%

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Speed Tech Corp. (5457.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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