DDM Analysis: 3485.TWO

Valuation Snapshot

Stable Growth	$1,018.81 - $2,495.21	$2,338.37
Multi-Stage	$371.26 - $405.90	$388.26
Blended Fair Value	$1,363.32
Current Price	$70.30
Upside	1,839.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.19%	0.00%	4.07	4.59	2.65	1.62	1.33	1.18	0.00	0.00	0.00	0.00
YoY Growth	-	-	-11.24%	73.33%	63.48%	21.76%	13.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.79%	9.86%	6.70%	4.71%	4.12%	5.79%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	443.14
(-) Cash Dividends Paid (M)	306.07
(=) Cash Retained (M)	137.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	88.63	55.39	33.24
Cash Retained (M)	137.07	137.07	137.07
(-) Cash Required (M)	-88.63	-55.39	-33.24
(=) Excess Retained (M)	48.44	81.68	103.84
(/) Shares Outstanding (M)	35.32	35.32	35.32
(=) Excess Retained per Share	1.37	2.31	2.94
LTM Dividend per Share	8.67	8.67	8.67
(+) Excess Retained per Share	1.37	2.31	2.94
(=) Adjusted Dividend	10.04	10.98	11.61
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,018.81	$2,338.37	$2,495.21
Upside / Downside	1,349.23%	3,226.28%	3,449.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	443.14	471.95	502.62	535.29	570.09	607.14	625.36
Payout Ratio	69.07%	73.25%	77.44%	81.63%	85.81%	90.00%	92.50%
Projected Dividends (M)	306.07	345.72	389.24	436.95	489.21	546.43	578.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	321.46	324.50	327.55
Year 2 PV (M)	336.51	342.92	349.39
Year 3 PV (M)	351.24	361.33	371.60
Year 4 PV (M)	365.65	379.72	394.18
Year 5 PV (M)	379.75	398.09	417.14
PV of Terminal Value (M)	11,358.13	11,906.73	12,476.33
Equity Value (M)	13,112.74	13,713.29	14,336.18
Shares Outstanding (M)	35.32	35.32	35.32
Fair Value	$371.26	$388.26	$405.90
Upside / Downside	428.11%	452.29%	477.38%

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Financial Statements

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Eclat Forever Machinery Co., Ltd. (3485.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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