DDM Analysis: 6219.TWO

Valuation Snapshot

Stable Growth	$85.61 - $172.00	$161.19
Multi-Stage	$27.20 - $29.74	$28.45
Blended Fair Value	$94.82
Current Price	$20.70
Upside	358.07%
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%	0.00	0.00	0.31	2.49	0.81	1.44	0.93	0.13	0.17	0.87
YoY Growth	-	-	0.00%	-100.00%	-87.50%	206.71%	-43.72%	54.88%	636.40%	-24.38%	-80.85%	-51.19%
Dividend Yield	-	-	0.00%	0.00%	1.87%	9.55%	2.02%	7.36%	4.07%	0.73%	0.92%	4.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.96
(-) Cash Dividends Paid (M)	83.31
(=) Cash Retained (M)	23.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.39	13.37	8.02
Cash Retained (M)	23.65	23.65	23.65
(-) Cash Required (M)	-21.39	-13.37	-8.02
(=) Excess Retained (M)	2.26	10.28	15.63
(/) Shares Outstanding (M)	123.67	123.67	123.67
(=) Excess Retained per Share	0.02	0.08	0.13
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	0.02	0.08	0.13
(=) Adjusted Dividend	0.69	0.76	0.80
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.61	$161.19	$172.00
Upside / Downside	313.56%	678.71%	730.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.96	113.92	121.32	129.21	137.60	146.55	150.95
Payout Ratio	77.89%	80.31%	82.73%	85.16%	87.58%	90.00%	92.50%
Projected Dividends (M)	83.31	91.49	100.37	110.03	120.51	131.89	139.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	85.21	86.02	86.83
Year 2 PV (M)	87.08	88.74	90.41
Year 3 PV (M)	88.91	91.46	94.06
Year 4 PV (M)	90.71	94.20	97.78
Year 5 PV (M)	92.47	96.94	101.57
PV of Terminal Value (M)	2,919.70	3,060.73	3,207.15
Equity Value (M)	3,364.08	3,518.08	3,677.81
Shares Outstanding (M)	123.67	123.67	123.67
Fair Value	$27.20	$28.45	$29.74
Upside / Downside	31.41%	37.42%	43.66%

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Full Wang International Development Co., Ltd. (6219.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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