DDM Analysis: 6683.TWO

Valuation Snapshot

Stable Growth	$630.76 - $3,030.23	$1,366.86
Multi-Stage	$348.17 - $380.24	$363.92
Blended Fair Value	$865.39
Current Price	$386.50
Upside	123.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	17.02%	0.00%	6.48	7.42	7.67	5.41	3.94	2.95	0.00	0.00	0.00	0.00
YoY Growth	-	-	-12.69%	-3.31%	41.82%	37.50%	33.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	2.59%	3.69%	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)	419.27
(-) Cash Dividends Paid (M)	273.88
(=) Cash Retained (M)	145.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	83.85	52.41	31.45
Cash Retained (M)	145.39	145.39	145.39
(-) Cash Required (M)	-83.85	-52.41	-31.45
(=) Excess Retained (M)	61.53	92.98	113.94
(/) Shares Outstanding (M)	27.52	27.52	27.52
(=) Excess Retained per Share	2.24	3.38	4.14
LTM Dividend per Share	9.95	9.95	9.95
(+) Excess Retained per Share	2.24	3.38	4.14
(=) Adjusted Dividend	12.19	13.33	14.09
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$630.76	$1,366.86	$3,030.23
Upside / Downside	63.20%	253.65%	684.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	419.27	446.52	475.54	506.45	539.37	574.43	591.67
Payout Ratio	65.32%	70.26%	75.19%	80.13%	85.06%	90.00%	92.50%
Projected Dividends (M)	273.88	313.72	357.58	405.82	458.82	516.99	547.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	288.99	291.73	294.47
Year 2 PV (M)	303.42	309.20	315.04
Year 3 PV (M)	317.21	326.32	335.59
Year 4 PV (M)	330.36	343.07	356.13
Year 5 PV (M)	342.90	359.46	376.66
PV of Terminal Value (M)	7,997.72	8,384.01	8,785.09
Equity Value (M)	9,580.60	10,013.79	10,462.98
Shares Outstanding (M)	27.52	27.52	27.52
Fair Value	$348.17	$363.92	$380.24
Upside / Downside	-9.92%	-5.84%	-1.62%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
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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Keystone Microtech Corporation (6683.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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