DDM Analysis: 5353.TWO

Valuation Snapshot

Stable Growth	$14.31 - $22.56	$18.08
Multi-Stage	$29.35 - $32.20	$30.74
Blended Fair Value	$24.41
Current Price	$26.25
Upside	-7.00%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	4.86%	0.00%	1.44	1.22	0.92	0.86	1.37	1.14	0.00	0.00	0.00	0.00
YoY Growth	-	-	18.33%	33.33%	5.88%	-37.04%	20.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.93%	3.30%	1.97%	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)	105.88
(-) Cash Dividends Paid (M)	97.50
(=) Cash Retained (M)	8.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.18	13.23	7.94
Cash Retained (M)	8.38	8.38	8.38
(-) Cash Required (M)	-21.18	-13.23	-7.94
(=) Excess Retained (M)	-12.80	-4.86	0.44
(/) Shares Outstanding (M)	73.75	73.75	73.75
(=) Excess Retained per Share	-0.17	-0.07	0.01
LTM Dividend per Share	1.32	1.32	1.32
(+) Excess Retained per Share	-0.17	-0.07	0.01
(=) Adjusted Dividend	1.15	1.26	1.33
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-1.09%	-0.09%	0.91%
Fair Value	$14.31	$18.08	$22.56
Upside / Downside	-45.50%	-31.12%	-14.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.88	105.78	105.69	105.59	105.50	105.40	108.56
Payout Ratio	92.09%	91.67%	91.25%	90.84%	90.42%	90.00%	92.50%
Projected Dividends (M)	97.50	96.97	96.44	95.91	95.39	94.86	100.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-1.09%	-0.09%	0.91%
Year 1 PV (M)	89.84	90.75	91.66
Year 2 PV (M)	82.79	84.47	86.17
Year 3 PV (M)	76.29	78.62	81.01
Year 4 PV (M)	70.29	73.18	76.15
Year 5 PV (M)	64.77	68.11	71.58
PV of Terminal Value (M)	1,780.47	1,872.31	1,967.91
Equity Value (M)	2,164.45	2,267.45	2,374.48
Shares Outstanding (M)	73.75	73.75	73.75
Fair Value	$29.35	$30.74	$32.20
Upside / Downside	11.80%	17.12%	22.65%

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Tailyn Technologies, Inc. (5353.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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