DDM Analysis: 3217.TWO

Valuation Snapshot

Stable Growth	$660.47 - $2,350.04	$2,159.07
Multi-Stage	$304.22 - $332.60	$318.15
Blended Fair Value	$1,238.61
Current Price	$159.50
Upside	676.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	18.55%	0.00%	6.40	5.35	5.60	5.60	3.92	2.73	0.00	0.00	0.00	0.00
YoY Growth	-	-	19.63%	-4.46%	0.00%	42.92%	43.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.25%	2.95%	5.02%	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)	1,065.19
(-) Cash Dividends Paid (M)	576.67
(=) Cash Retained (M)	488.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	213.04	133.15	79.89
Cash Retained (M)	488.52	488.52	488.52
(-) Cash Required (M)	-213.04	-133.15	-79.89
(=) Excess Retained (M)	275.48	355.37	408.63
(/) Shares Outstanding (M)	90.14	90.14	90.14
(=) Excess Retained per Share	3.06	3.94	4.53
LTM Dividend per Share	6.40	6.40	6.40
(+) Excess Retained per Share	3.06	3.94	4.53
(=) Adjusted Dividend	9.45	10.34	10.93
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$660.47	$2,159.07	$2,350.04
Upside / Downside	314.09%	1,253.65%	1,373.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,065.19	1,134.43	1,208.16	1,286.69	1,370.33	1,459.40	1,503.18
Payout Ratio	54.14%	61.31%	68.48%	75.66%	82.83%	90.00%	92.50%
Projected Dividends (M)	576.67	695.52	827.38	973.45	1,135.01	1,313.46	1,390.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	643.85	649.95	656.06
Year 2 PV (M)	709.03	722.53	736.16
Year 3 PV (M)	772.23	794.40	816.99
Year 4 PV (M)	833.51	865.57	898.54
Year 5 PV (M)	892.91	936.04	980.82
PV of Terminal Value (M)	23,572.14	24,710.68	25,892.80
Equity Value (M)	27,423.67	28,679.18	29,981.37
Shares Outstanding (M)	90.14	90.14	90.14
Fair Value	$304.22	$318.15	$332.60
Upside / Downside	90.74%	99.47%	108.53%

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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%
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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%
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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%
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Argosy Research Inc. (3217.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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