DDM Analysis: 6275.TWO

Valuation Snapshot

Stable Growth	$25.69 - $39.81	$32.23
Multi-Stage	$60.59 - $66.60	$63.54
Blended Fair Value	$47.89
Current Price	$43.90
Upside	9.08%
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%	2.84	1.90	1.90	1.29	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	49.00%	0.23%	47.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.63%	3.07%	5.81%	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)	220.54
(-) Cash Dividends Paid (M)	179.19
(=) Cash Retained (M)	41.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.11	27.57	16.54
Cash Retained (M)	41.35	41.35	41.35
(-) Cash Required (M)	-44.11	-27.57	-16.54
(=) Excess Retained (M)	-2.76	13.78	24.81
(/) Shares Outstanding (M)	80.22	80.22	80.22
(=) Excess Retained per Share	-0.03	0.17	0.31
LTM Dividend per Share	2.23	2.23	2.23
(+) Excess Retained per Share	-0.03	0.17	0.31
(=) Adjusted Dividend	2.20	2.41	2.54
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$25.69	$32.23	$39.81
Upside / Downside	-41.47%	-26.58%	-9.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	220.54	218.34	216.15	213.99	211.85	209.73	216.03
Payout Ratio	81.25%	83.00%	84.75%	86.50%	88.25%	90.00%	92.50%
Projected Dividends (M)	179.19	181.22	183.19	185.10	186.96	188.76	199.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	168.62	170.34	172.06
Year 2 PV (M)	158.60	161.85	165.14
Year 3 PV (M)	149.11	153.72	158.43
Year 4 PV (M)	140.13	145.94	151.93
Year 5 PV (M)	131.64	138.50	145.63
PV of Terminal Value (M)	4,112.89	4,327.05	4,550.05
Equity Value (M)	4,860.98	5,097.40	5,343.23
Shares Outstanding (M)	80.22	80.22	80.22
Fair Value	$60.59	$63.54	$66.60
Upside / Downside	38.02%	44.74%	51.72%

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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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Yen Sun Technology Corporation (6275.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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