DDM Analysis: 101160.KQ

Valuation Snapshot

Stable Growth	$40,420.59 - $100,963.22	$60,650.52
Multi-Stage	$27,457.15 - $30,033.02	$28,721.59
Blended Fair Value	$44,686.06
Current Price	$23,100.00
Upside	93.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	10.96%	60.00	50.00	60.00	70.00	50.00	50.00	40.00	0.00	0.00	0.00
YoY Growth	-	-	20.00%	-16.67%	-14.29%	40.00%	0.00%	25.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.34%	0.20%	0.27%	0.28%	0.20%	0.84%	0.73%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,933.20
(-) Cash Dividends Paid (M)	990.66
(=) Cash Retained (M)	28,942.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,986.64	3,741.65	2,244.99
Cash Retained (M)	28,942.54	28,942.54	28,942.54
(-) Cash Required (M)	-5,986.64	-3,741.65	-2,244.99
(=) Excess Retained (M)	22,955.90	25,200.89	26,697.55
(/) Shares Outstanding (M)	16.51	16.51	16.51
(=) Excess Retained per Share	1,390.38	1,526.36	1,617.00
LTM Dividend per Share	60.00	60.00	60.00
(+) Excess Retained per Share	1,390.38	1,526.36	1,617.00
(=) Adjusted Dividend	1,450.38	1,586.36	1,677.01
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40,420.59	$60,650.52	$100,963.22
Upside / Downside	74.98%	162.56%	337.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,933.20	31,878.86	33,950.98	36,157.80	38,508.05	41,011.08	42,241.41
Payout Ratio	3.31%	20.65%	37.99%	55.32%	72.66%	90.00%	92.50%
Projected Dividends (M)	990.66	6,582.24	12,896.53	20,003.88	27,980.69	36,909.97	39,073.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,966.41	6,022.97	6,079.52
Year 2 PV (M)	10,596.27	10,798.10	11,001.83
Year 3 PV (M)	14,898.21	15,325.88	15,761.67
Year 4 PV (M)	18,889.41	19,615.84	20,363.03
Year 5 PV (M)	22,586.22	23,677.14	24,809.82
PV of Terminal Value (M)	380,394.73	398,767.93	417,844.33
Equity Value (M)	453,331.25	474,207.87	495,860.19
Shares Outstanding (M)	16.51	16.51	16.51
Fair Value	$27,457.15	$28,721.59	$30,033.02
Upside / Downside	18.86%	24.34%	30.01%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Worldex Industry & Trading Co., Ltd. (101160.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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