DDM Analysis: 9607.SR

Valuation Snapshot

Stable Growth	$41.91 - $65.71	$52.85
Multi-Stage	$100.75 - $111.04	$105.80
Blended Fair Value	$79.32
Current Price	$52.00
Upside	52.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.77	0.70	0.89	0.19	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	9.74%	-20.72%	367.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.17%	1.43%	1.81%	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)	30.12
(-) Cash Dividends Paid (M)	8.46
(=) Cash Retained (M)	21.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.02	3.76	2.26
Cash Retained (M)	21.66	21.66	21.66
(-) Cash Required (M)	-6.02	-3.76	-2.26
(=) Excess Retained (M)	15.63	17.89	19.40
(/) Shares Outstanding (M)	6.97	6.97	6.97
(=) Excess Retained per Share	2.24	2.57	2.78
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	2.24	2.57	2.78
(=) Adjusted Dividend	3.46	3.78	4.00
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$41.91	$52.85	$65.71
Upside / Downside	-19.41%	1.63%	26.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.12	29.82	29.52	29.22	28.93	28.64	29.50
Payout Ratio	28.09%	40.47%	52.85%	65.24%	77.62%	90.00%	92.50%
Projected Dividends (M)	8.46	12.07	15.60	19.06	22.46	25.78	27.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.26	11.38	11.49
Year 2 PV (M)	13.59	13.86	14.15
Year 3 PV (M)	15.49	15.97	16.46
Year 4 PV (M)	17.03	17.73	18.46
Year 5 PV (M)	18.24	19.19	20.18
PV of Terminal Value (M)	626.93	659.58	693.57
Equity Value (M)	702.54	737.71	774.30
Shares Outstanding (M)	6.97	6.97	6.97
Fair Value	$100.75	$105.80	$111.04
Upside / Downside	93.75%	103.45%	113.55%

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ASG Plastic Factory Co. (9607.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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