DDM Analysis: 8440.TWO

Valuation Snapshot

Stable Growth	$3.13 - $6.50	$4.41
Multi-Stage	$6.21 - $6.83	$6.51
Blended Fair Value	$5.46
Current Price	$25.45
Upside	-78.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.69%	0.00%	0.13	0.30	0.45	0.23	0.30	0.38	0.00	0.00	0.00	0.00
YoY Growth	-	-	-58.25%	-33.33%	100.00%	-25.00%	-20.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.39%	1.11%	1.41%	0.48%	2.69%	4.87%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.05
(-) Cash Dividends Paid (M)	7.34
(=) Cash Retained (M)	1.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.81	1.13	0.68
Cash Retained (M)	1.71	1.71	1.71
(-) Cash Required (M)	-1.81	-1.13	-0.68
(=) Excess Retained (M)	-0.10	0.58	1.03
(/) Shares Outstanding (M)	50.48	50.48	50.48
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	5.47%	5.47%	5.47%
Growth Rate	0.84%	1.84%	2.84%
Fair Value	$3.13	$4.41	$6.50
Upside / Downside	-87.70%	-82.67%	-74.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.05	9.22	9.39	9.56	9.74	9.92	10.22
Payout Ratio	81.09%	82.87%	84.65%	86.44%	88.22%	90.00%	92.50%
Projected Dividends (M)	7.34	7.64	7.95	8.27	8.59	8.93	9.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.47%	5.47%	5.47%
Growth Rate	0.84%	1.84%	2.84%
Year 1 PV (M)	7.17	7.25	7.32
Year 2 PV (M)	7.01	7.15	7.29
Year 3 PV (M)	6.84	7.05	7.26
Year 4 PV (M)	6.68	6.94	7.22
Year 5 PV (M)	6.51	6.84	7.18
PV of Terminal Value (M)	279.47	293.60	308.30
Equity Value (M)	313.68	328.83	344.57
Shares Outstanding (M)	50.48	50.48	50.48
Fair Value	$6.21	$6.51	$6.83
Upside / Downside	-75.58%	-74.40%	-73.18%

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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%
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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%
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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%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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E&E Recycling,Inc. (8440.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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