DDM Analysis: 3260.TWO

Valuation Snapshot

Stable Growth	$460.11 - $2,210.12	$997.17
Multi-Stage	$249.97 - $273.21	$261.38
Blended Fair Value	$629.27
Current Price	$157.00
Upside	300.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	82.28%	-5.82%	2.81	1.69	4.55	2.59	1.00	0.14	4.19	2.79	0.34	1.80
YoY Growth	-	-	66.64%	-62.93%	75.90%	159.74%	613.06%	-96.67%	50.39%	713.45%	-80.91%	-64.95%
Dividend Yield	-	-	3.31%	1.70%	5.95%	3.18%	1.21%	0.35%	10.77%	3.83%	0.46%	5.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,468.56
(-) Cash Dividends Paid (M)	1,619.43
(=) Cash Retained (M)	1,849.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	693.71	433.57	260.14
Cash Retained (M)	1,849.13	1,849.13	1,849.13
(-) Cash Required (M)	-693.71	-433.57	-260.14
(=) Excess Retained (M)	1,155.42	1,415.56	1,588.99
(/) Shares Outstanding (M)	312.11	312.11	312.11
(=) Excess Retained per Share	3.70	4.54	5.09
LTM Dividend per Share	5.19	5.19	5.19
(+) Excess Retained per Share	3.70	4.54	5.09
(=) Adjusted Dividend	8.89	9.72	10.28
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$460.11	$997.17	$2,210.12
Upside / Downside	193.06%	535.14%	1,307.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,468.56	3,694.02	3,934.13	4,189.85	4,462.19	4,752.23	4,894.79
Payout Ratio	46.69%	55.35%	64.01%	72.68%	81.34%	90.00%	92.50%
Projected Dividends (M)	1,619.43	2,044.67	2,518.36	3,044.99	3,629.44	4,277.01	4,527.69

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)	1,883.49	1,901.34	1,919.19
Year 2 PV (M)	2,136.96	2,177.66	2,218.75
Year 3 PV (M)	2,380.14	2,448.46	2,518.08
Year 4 PV (M)	2,613.33	2,713.83	2,817.21
Year 5 PV (M)	2,836.83	2,973.85	3,116.11
PV of Terminal Value (M)	66,168.85	69,364.83	72,683.13
Equity Value (M)	78,019.59	81,579.98	85,272.47
Shares Outstanding (M)	312.11	312.11	312.11
Fair Value	$249.97	$261.38	$273.21
Upside / Downside	59.22%	66.48%	74.02%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

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ADATA Technology Co., Ltd. (3260.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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