DDM Analysis: 8932.TWO

Valuation Snapshot

Stable Growth	$33.78 - $51.37	$42.04
Multi-Stage	$41.64 - $45.67	$43.61
Blended Fair Value	$42.83
Current Price	$204.50
Upside	-79.06%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-47.62%	0.00%	0.01	0.00	0.00	0.00	0.00	0.17	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	-	-	0.01%	0.00%	0.00%	0.00%	0.00%	3.45%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	656.46
(-) Cash Dividends Paid (M)	47.40
(=) Cash Retained (M)	609.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	131.29	82.06	49.23
Cash Retained (M)	609.06	609.06	609.06
(-) Cash Required (M)	-131.29	-82.06	-49.23
(=) Excess Retained (M)	477.77	527.00	559.82
(/) Shares Outstanding (M)	176.26	176.26	176.26
(=) Excess Retained per Share	2.71	2.99	3.18
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	2.71	2.99	3.18
(=) Adjusted Dividend	2.98	3.26	3.44
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	0.98%	1.98%	2.98%
Fair Value	$33.78	$42.04	$51.37
Upside / Downside	-83.48%	-79.44%	-74.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	656.46	669.47	682.74	696.27	710.07	724.14	745.86
Payout Ratio	7.22%	23.78%	40.33%	56.89%	73.44%	90.00%	92.50%
Projected Dividends (M)	47.40	159.18	275.37	396.10	521.50	651.73	689.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	0.98%	1.98%	2.98%
Year 1 PV (M)	143.44	144.86	146.28
Year 2 PV (M)	223.59	228.04	232.54
Year 3 PV (M)	289.81	298.51	307.38
Year 4 PV (M)	343.83	357.66	371.89
Year 5 PV (M)	387.19	406.75	427.08
PV of Terminal Value (M)	5,951.19	6,251.75	6,564.34
Equity Value (M)	7,339.06	7,687.56	8,049.50
Shares Outstanding (M)	176.26	176.26	176.26
Fair Value	$41.64	$43.61	$45.67
Upside / Downside	-79.64%	-78.67%	-77.67%

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Wiselink Co., Ltd. (8932.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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