DDM Analysis: 2948.TWO

Valuation Snapshot

Stable Growth	$48.24 - $116.45	$71.59
Multi-Stage	$36.30 - $39.52	$37.88
Blended Fair Value	$54.74
Current Price	$38.90
Upside	40.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	37.50%	0.00%	2.38	2.44	2.18	1.25	0.47	0.49	0.42	0.00	0.00	0.00
YoY Growth	-	-	-2.19%	11.76%	74.35%	165.28%	-2.77%	16.82%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.95%	4.06%	3.35%	1.86%	0.73%	1.11%	0.95%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.18
(-) Cash Dividends Paid (M)	54.60
(=) Cash Retained (M)	13.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.64	8.52	5.11
Cash Retained (M)	13.58	13.58	13.58
(-) Cash Required (M)	-13.64	-8.52	-5.11
(=) Excess Retained (M)	-0.06	5.06	8.47
(/) Shares Outstanding (M)	30.53	30.53	30.53
(=) Excess Retained per Share	0.00	0.17	0.28
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	0.00	0.17	0.28
(=) Adjusted Dividend	1.79	1.95	2.07
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$48.24	$71.59	$116.45
Upside / Downside	24.02%	84.03%	199.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.18	72.61	77.33	82.36	87.71	93.41	96.21
Payout Ratio	80.08%	82.07%	84.05%	86.03%	88.02%	90.00%	92.50%
Projected Dividends (M)	54.60	59.59	65.00	70.85	77.20	84.07	89.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.95	54.47	54.98
Year 2 PV (M)	53.28	54.30	55.32
Year 3 PV (M)	52.59	54.10	55.64
Year 4 PV (M)	51.89	53.88	55.93
Year 5 PV (M)	51.16	53.63	56.20
PV of Terminal Value (M)	845.30	886.12	928.51
Equity Value (M)	1,108.17	1,156.50	1,206.59
Shares Outstanding (M)	30.53	30.53	30.53
Fair Value	$36.30	$37.88	$39.52
Upside / Downside	-6.69%	-2.62%	1.60%

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Financial Statements

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Bausen Inc. (2948.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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