DDM Analysis: 2949.TWO

Valuation Snapshot

Stable Growth	$30.74 - $46.39	$38.12
Multi-Stage	$62.75 - $68.98	$65.80
Blended Fair Value	$51.96
Current Price	$67.85
Upside	-23.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	1.91	0.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	166.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.73%	0.83%	0.00%	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)	91.06
(-) Cash Dividends Paid (M)	48.40
(=) Cash Retained (M)	42.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.21	11.38	6.83
Cash Retained (M)	42.66	42.66	42.66
(-) Cash Required (M)	-18.21	-11.38	-6.83
(=) Excess Retained (M)	24.45	31.28	35.83
(/) Shares Outstanding (M)	25.31	25.31	25.31
(=) Excess Retained per Share	0.97	1.24	1.42
LTM Dividend per Share	1.91	1.91	1.91
(+) Excess Retained per Share	0.97	1.24	1.42
(=) Adjusted Dividend	2.88	3.15	3.33
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$30.74	$38.12	$46.39
Upside / Downside	-54.69%	-43.81%	-31.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.06	90.15	89.25	88.36	87.47	86.60	89.20
Payout Ratio	53.15%	60.52%	67.89%	75.26%	82.63%	90.00%	92.50%
Projected Dividends (M)	48.40	54.56	60.59	66.50	72.28	77.94	82.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50.39	50.91	51.42
Year 2 PV (M)	51.69	52.75	53.82
Year 3 PV (M)	52.40	54.02	55.67
Year 4 PV (M)	52.60	54.79	57.03
Year 5 PV (M)	52.39	55.12	57.96
PV of Terminal Value (M)	1,328.93	1,398.13	1,470.18
Equity Value (M)	1,588.41	1,665.71	1,746.09
Shares Outstanding (M)	25.31	25.31	25.31
Fair Value	$62.75	$65.80	$68.98
Upside / Downside	-7.52%	-3.02%	1.66%

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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
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H.H.Galaxy Co., Ltd. (2949.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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