DDM Analysis: 6967.TWO

Valuation Snapshot

Stable Growth	$32.34 - $49.93	$40.51
Multi-Stage	$74.93 - $82.35	$78.57
Blended Fair Value	$59.54
Current Price	$56.90
Upside	4.64%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	3.17	3.34	6.81	8.26	10.55	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-5.12%	-50.98%	-17.59%	-21.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.38%	4.68%	9.73%	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)	87.31
(-) Cash Dividends Paid (M)	69.73
(=) Cash Retained (M)	17.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.46	10.91	6.55
Cash Retained (M)	17.58	17.58	17.58
(-) Cash Required (M)	-17.46	-10.91	-6.55
(=) Excess Retained (M)	0.12	6.67	11.03
(/) Shares Outstanding (M)	24.94	24.94	24.94
(=) Excess Retained per Share	0.00	0.27	0.44
LTM Dividend per Share	2.80	2.80	2.80
(+) Excess Retained per Share	0.00	0.27	0.44
(=) Adjusted Dividend	2.80	3.06	3.24
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$32.34	$40.51	$49.93
Upside / Downside	-43.16%	-28.80%	-12.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.31	86.44	85.57	84.72	83.87	83.03	85.52
Payout Ratio	79.87%	81.89%	83.92%	85.95%	87.97%	90.00%	92.50%
Projected Dividends (M)	69.73	70.79	71.81	72.81	73.78	74.73	79.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	65.80	66.48	67.15
Year 2 PV (M)	62.06	63.33	64.62
Year 3 PV (M)	58.49	60.30	62.15
Year 4 PV (M)	55.10	57.38	59.74
Year 5 PV (M)	51.88	54.58	57.39
PV of Terminal Value (M)	1,575.30	1,657.33	1,742.75
Equity Value (M)	1,868.64	1,959.41	2,053.79
Shares Outstanding (M)	24.94	24.94	24.94
Fair Value	$74.93	$78.57	$82.35
Upside / Downside	31.69%	38.08%	44.73%

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Trans-Sun Materials Technology Company Limited (6967.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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