DDM Analysis: 6761.TWO

Valuation Snapshot

Stable Growth	$286.17 - $1,374.25	$620.37
Multi-Stage	$160.03 - $174.66	$167.22
Blended Fair Value	$393.79
Current Price	$148.50
Upside	165.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	38.54%	0.00%	3.45	3.49	3.97	1.83	1.45	0.68	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.24%	-12.07%	116.83%	26.00%	115.12%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.51%	4.23%	4.36%	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)	241.21
(-) Cash Dividends Paid (M)	195.72
(=) Cash Retained (M)	45.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.24	30.15	18.09
Cash Retained (M)	45.49	45.49	45.49
(-) Cash Required (M)	-48.24	-30.15	-18.09
(=) Excess Retained (M)	-2.75	15.34	27.40
(/) Shares Outstanding (M)	34.91	34.91	34.91
(=) Excess Retained per Share	-0.08	0.44	0.78
LTM Dividend per Share	5.61	5.61	5.61
(+) Excess Retained per Share	-0.08	0.44	0.78
(=) Adjusted Dividend	5.53	6.05	6.39
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$286.17	$620.37	$1,374.25
Upside / Downside	92.71%	317.76%	825.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	241.21	256.89	273.59	291.37	310.31	330.48	340.40
Payout Ratio	81.14%	82.91%	84.68%	86.46%	88.23%	90.00%	92.50%
Projected Dividends (M)	195.72	212.99	231.69	251.91	273.78	297.43	314.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	196.20	198.06	199.92
Year 2 PV (M)	196.60	200.34	204.12
Year 3 PV (M)	196.91	202.56	208.32
Year 4 PV (M)	197.14	204.72	212.52
Year 5 PV (M)	197.29	206.81	216.71
PV of Terminal Value (M)	4,602.22	4,824.51	5,055.30
Equity Value (M)	5,586.35	5,837.01	6,096.89
Shares Outstanding (M)	34.91	34.91	34.91
Fair Value	$160.03	$167.22	$174.66
Upside / Downside	7.77%	12.60%	17.62%

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Wendell Industrial Co., Ltd (6761.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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