DDM Analysis: 6665.TWO

Valuation Snapshot

Stable Growth	$5.20 - $7.94	$6.48
Multi-Stage	$11.49 - $12.62	$12.04
Blended Fair Value	$9.26
Current Price	$25.00
Upside	-62.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-56.47%	0.00%	0.05	0.46	0.71	2.26	4.51	3.32	2.82	0.00	0.00	0.00
YoY Growth	-	-	-88.60%	-35.41%	-68.79%	-49.86%	35.63%	17.89%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.28%	1.57%	2.02%	4.70%	8.79%	2.22%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.58
(-) Cash Dividends Paid (M)	23.04
(=) Cash Retained (M)	3.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.32	3.32	1.99
Cash Retained (M)	3.55	3.55	3.55
(-) Cash Required (M)	-5.32	-3.32	-1.99
(=) Excess Retained (M)	-1.77	0.23	1.55
(/) Shares Outstanding (M)	45.37	45.37	45.37
(=) Excess Retained per Share	-0.04	0.00	0.03
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	-0.04	0.00	0.03
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.20	$6.48	$7.94
Upside / Downside	-79.19%	-74.07%	-68.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.58	26.32	26.05	25.79	25.54	25.28	26.04
Payout Ratio	86.65%	87.32%	87.99%	88.66%	89.33%	90.00%	92.50%
Projected Dividends (M)	23.04	22.98	22.93	22.87	22.81	22.75	24.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.30	21.51	21.73
Year 2 PV (M)	19.69	20.09	20.50
Year 3 PV (M)	18.20	18.76	19.33
Year 4 PV (M)	16.82	17.52	18.23
Year 5 PV (M)	15.54	16.35	17.20
PV of Terminal Value (M)	429.84	452.23	475.53
Equity Value (M)	521.38	546.46	572.52
Shares Outstanding (M)	45.37	45.37	45.37
Fair Value	$11.49	$12.04	$12.62
Upside / Downside	-54.03%	-51.82%	-49.53%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
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%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Healthconn Corp. (6665.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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