DDM Analysis: 6722.TWO

Valuation Snapshot

Stable Growth	$653.44 - $1,600.81	$1,500.20
Multi-Stage	$231.16 - $253.11	$241.93
Blended Fair Value	$871.07
Current Price	$54.10
Upside	1,510.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	53.87%	0.00%	1.99	0.00	0.00	0.00	0.00	0.23	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.84%	0.00%	0.00%	0.00%	0.00%	0.43%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	631.29
(-) Cash Dividends Paid (M)	156.00
(=) Cash Retained (M)	475.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.26	78.91	47.35
Cash Retained (M)	475.29	475.29	475.29
(-) Cash Required (M)	-126.26	-78.91	-47.35
(=) Excess Retained (M)	349.03	396.38	427.94
(/) Shares Outstanding (M)	78.43	78.43	78.43
(=) Excess Retained per Share	4.45	5.05	5.46
LTM Dividend per Share	1.99	1.99	1.99
(+) Excess Retained per Share	4.45	5.05	5.46
(=) Adjusted Dividend	6.44	7.04	7.45
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$653.44	$1,500.20	$1,600.81
Upside / Downside	1,107.84%	2,673.01%	2,858.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	631.29	672.32	716.02	762.56	812.13	864.92	890.86
Payout Ratio	24.71%	37.77%	50.83%	63.88%	76.94%	90.00%	92.50%
Projected Dividends (M)	156.00	253.93	363.93	487.16	624.87	778.42	824.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	236.10	238.34	240.58
Year 2 PV (M)	314.63	320.62	326.67
Year 3 PV (M)	391.60	402.84	414.30
Year 4 PV (M)	467.04	485.00	503.48
Year 5 PV (M)	540.97	567.10	594.23
PV of Terminal Value (M)	16,178.84	16,960.29	17,771.64
Equity Value (M)	18,129.20	18,974.20	19,850.90
Shares Outstanding (M)	78.43	78.43	78.43
Fair Value	$231.16	$241.93	$253.11
Upside / Downside	327.28%	347.20%	367.86%

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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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TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
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Whetron Electronics Co.,Ltd. (6722.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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