DDM Analysis: 6791.TWO

Valuation Snapshot

Stable Growth	$156.93 - $807.85	$319.53
Multi-Stage	$91.43 - $99.75	$95.52
Blended Fair Value	$207.52
Current Price	$123.00
Upside	68.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	7.73%	0.00%	3.47	3.18	3.05	2.78	1.56	2.39	0.00	0.00	0.00	0.00
YoY Growth	-	-	9.07%	4.32%	9.80%	78.47%	-34.92%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.92%	3.68%	3.88%	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)	84.60
(-) Cash Dividends Paid (M)	72.58
(=) Cash Retained (M)	12.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.92	10.57	6.34
Cash Retained (M)	12.02	12.02	12.02
(-) Cash Required (M)	-16.92	-10.57	-6.34
(=) Excess Retained (M)	-4.90	1.44	5.67
(/) Shares Outstanding (M)	20.83	20.83	20.83
(=) Excess Retained per Share	-0.24	0.07	0.27
LTM Dividend per Share	3.48	3.48	3.48
(+) Excess Retained per Share	-0.24	0.07	0.27
(=) Adjusted Dividend	3.25	3.55	3.76
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$156.93	$319.53	$807.85
Upside / Downside	27.58%	159.78%	556.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.60	90.09	95.95	102.19	108.83	115.90	119.38
Payout Ratio	85.79%	86.63%	87.48%	88.32%	89.16%	90.00%	92.50%
Projected Dividends (M)	72.58	78.05	83.93	90.25	97.03	104.31	110.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71.80	72.48	73.16
Year 2 PV (M)	71.03	72.38	73.75
Year 3 PV (M)	70.26	72.27	74.33
Year 4 PV (M)	69.49	72.16	74.91
Year 5 PV (M)	68.72	72.04	75.49
PV of Terminal Value (M)	1,552.89	1,627.90	1,705.78
Equity Value (M)	1,904.19	1,989.24	2,077.41
Shares Outstanding (M)	20.83	20.83	20.83
Fair Value	$91.43	$95.52	$99.75
Upside / Downside	-25.66%	-22.34%	-18.90%

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CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
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Taiwan Auto-Design Co. (6791.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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