DDM Analysis: 6179.TWO

Valuation Snapshot

Stable Growth	$14.41 - $22.30	$18.07
Multi-Stage	$33.29 - $36.63	$34.93
Blended Fair Value	$26.50
Current Price	$32.00
Upside	-17.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-15.36%	0.00%	0.27	0.00	0.80	1.16	0.54	0.62	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-31.15%	115.58%	-13.18%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.12%	0.00%	2.75%	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)	186.65
(-) Cash Dividends Paid (M)	115.59
(=) Cash Retained (M)	71.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.33	23.33	14.00
Cash Retained (M)	71.06	71.06	71.06
(-) Cash Required (M)	-37.33	-23.33	-14.00
(=) Excess Retained (M)	33.73	47.73	57.06
(/) Shares Outstanding (M)	120.59	120.59	120.59
(=) Excess Retained per Share	0.28	0.40	0.47
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	0.28	0.40	0.47
(=) Adjusted Dividend	1.24	1.35	1.43
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$14.41	$18.07	$22.30
Upside / Downside	-54.96%	-43.53%	-30.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	186.65	184.78	182.94	181.11	179.30	177.50	182.83
Payout Ratio	61.93%	67.54%	73.16%	78.77%	84.39%	90.00%	92.50%
Projected Dividends (M)	115.59	124.81	133.83	142.66	151.30	159.75	169.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	116.09	117.28	118.46
Year 2 PV (M)	115.80	118.17	120.57
Year 3 PV (M)	114.82	118.37	121.99
Year 4 PV (M)	113.27	117.96	122.80
Year 5 PV (M)	111.25	117.04	123.07
PV of Terminal Value (M)	3,443.76	3,623.09	3,809.81
Equity Value (M)	4,014.99	4,211.91	4,416.71
Shares Outstanding (M)	120.59	120.59	120.59
Fair Value	$33.29	$34.93	$36.63
Upside / Downside	4.04%	9.15%	14.45%

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ATE Energy International Co., Ltd. (6179.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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