DDM Analysis: 3118.TWO

Valuation Snapshot

Stable Growth	$25.12 - $41.92	$32.52
Multi-Stage	$36.44 - $39.86	$38.12
Blended Fair Value	$35.32
Current Price	$32.45
Upside	8.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.20%	0.00%	1.69	1.69	1.89	1.59	1.29	1.00	1.89	1.89	2.19	1.99
YoY Growth	-	-	0.00%	-10.53%	18.75%	23.08%	30.00%	-47.37%	0.00%	-13.64%	10.00%	17.65%
Dividend Yield	-	-	5.09%	5.39%	6.24%	5.33%	4.20%	4.30%	6.48%	5.42%	6.97%	5.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.89
(-) Cash Dividends Paid (M)	55.17
(=) Cash Retained (M)	13.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.78	8.61	5.17
Cash Retained (M)	13.72	13.72	13.72
(-) Cash Required (M)	-13.78	-8.61	-5.17
(=) Excess Retained (M)	-0.05	5.11	8.56
(/) Shares Outstanding (M)	32.58	32.58	32.58
(=) Excess Retained per Share	0.00	0.16	0.26
LTM Dividend per Share	1.69	1.69	1.69
(+) Excess Retained per Share	0.00	0.16	0.26
(=) Adjusted Dividend	1.69	1.85	1.96
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	1.21%	2.21%	3.21%
Fair Value	$25.12	$32.52	$41.92
Upside / Downside	-22.59%	0.21%	29.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.89	70.42	71.97	73.56	75.18	76.84	79.15
Payout Ratio	80.08%	82.06%	84.05%	86.03%	88.02%	90.00%	92.50%
Projected Dividends (M)	55.17	57.79	60.49	63.28	66.17	69.16	73.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	1.21%	2.21%	3.21%
Year 1 PV (M)	52.97	53.49	54.02
Year 2 PV (M)	50.83	51.84	52.86
Year 3 PV (M)	48.74	50.20	51.69
Year 4 PV (M)	46.72	48.60	50.53
Year 5 PV (M)	44.76	47.02	49.36
PV of Terminal Value (M)	943.13	990.66	1,040.08
Equity Value (M)	1,187.16	1,241.80	1,298.53
Shares Outstanding (M)	32.58	32.58	32.58
Fair Value	$36.44	$38.12	$39.86
Upside / Downside	12.29%	17.46%	22.83%

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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
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7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Financial Statements

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Ticker

Industry

Sector

Level Biotechnology Inc. (3118.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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