DDM Analysis: 6705.TWO

Valuation Snapshot

Stable Growth	$40.11 - $61.67	$50.15
Multi-Stage	$88.38 - $97.29	$92.75
Blended Fair Value	$71.45
Current Price	$59.00
Upside	21.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-15.14%	0.00%	0.41	1.41	0.00	0.94	0.79	0.94	1.07	0.94	1.10	0.00
YoY Growth	-	-	-70.67%	0.00%	-100.00%	18.85%	-16.00%	-12.00%	13.97%	-15.00%	0.00%	0.00%
Dividend Yield	-	-	0.80%	2.88%	0.00%	3.36%	2.98%	3.20%	3.22%	1.97%	2.32%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.72
(-) Cash Dividends Paid (M)	33.08
(=) Cash Retained (M)	46.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.94	9.97	5.98
Cash Retained (M)	46.65	46.65	46.65
(-) Cash Required (M)	-15.94	-9.97	-5.98
(=) Excess Retained (M)	30.70	36.68	40.67
(/) Shares Outstanding (M)	18.13	18.13	18.13
(=) Excess Retained per Share	1.69	2.02	2.24
LTM Dividend per Share	1.82	1.82	1.82
(+) Excess Retained per Share	1.69	2.02	2.24
(=) Adjusted Dividend	3.52	3.85	4.07
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$40.11	$50.15	$61.67
Upside / Downside	-32.02%	-15.00%	4.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.72	78.92	78.13	77.35	76.58	75.81	78.09
Payout Ratio	41.49%	51.19%	60.89%	70.60%	80.30%	90.00%	92.50%
Projected Dividends (M)	33.08	40.40	47.58	54.61	61.49	68.23	72.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	37.52	37.90	38.29
Year 2 PV (M)	41.03	41.87	42.72
Year 3 PV (M)	43.73	45.08	46.46
Year 4 PV (M)	45.73	47.63	49.58
Year 5 PV (M)	47.12	49.58	52.13
PV of Terminal Value (M)	1,386.91	1,459.13	1,534.32
Equity Value (M)	1,602.04	1,681.19	1,763.51
Shares Outstanding (M)	18.13	18.13	18.13
Fair Value	$88.38	$92.75	$97.29
Upside / Downside	49.80%	57.20%	64.89%

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SLCA	U.S. Silica Holdings, Inc.	0.00%	$0.00	0.02%
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MARTAS Precision Slide Co.,Ltd (6705.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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