DDM Analysis: 7736.TWO

Valuation Snapshot

Stable Growth	$77.78 - $119.84	$97.34
Multi-Stage	$172.15 - $189.57	$180.69
Blended Fair Value	$139.02
Current Price	$100.50
Upside	38.32%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	2.05	0.89	1.02	0.85	0.43	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	131.00%	-13.19%	20.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.71%	0.81%	0.93%	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)	597.45
(-) Cash Dividends Paid (M)	206.88
(=) Cash Retained (M)	390.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.49	74.68	44.81
Cash Retained (M)	390.58	390.58	390.58
(-) Cash Required (M)	-119.49	-74.68	-44.81
(=) Excess Retained (M)	271.09	315.90	345.77
(/) Shares Outstanding (M)	70.54	70.54	70.54
(=) Excess Retained per Share	3.84	4.48	4.90
LTM Dividend per Share	2.93	2.93	2.93
(+) Excess Retained per Share	3.84	4.48	4.90
(=) Adjusted Dividend	6.78	7.41	7.83
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$77.78	$97.34	$119.84
Upside / Downside	-22.61%	-3.14%	19.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	597.45	591.48	585.56	579.71	573.91	568.17	585.22
Payout Ratio	34.63%	45.70%	56.78%	67.85%	78.93%	90.00%	92.50%
Projected Dividends (M)	206.88	270.31	332.46	393.33	452.96	511.35	541.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	251.16	253.72	256.29
Year 2 PV (M)	287.02	292.91	298.85
Year 3 PV (M)	315.52	325.28	335.23
Year 4 PV (M)	337.61	351.60	366.02
Year 5 PV (M)	354.13	372.57	391.77
PV of Terminal Value (M)	10,597.12	11,148.94	11,723.51
Equity Value (M)	12,142.56	12,745.01	13,371.67
Shares Outstanding (M)	70.54	70.54	70.54
Fair Value	$172.15	$180.69	$189.57
Upside / Downside	71.29%	79.79%	88.63%

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Hushan (7736.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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