DDM Analysis: 4987.TWO

Valuation Snapshot

Stable Growth	$40.03 - $56.79	$48.29
Multi-Stage	$66.58 - $72.74	$69.60
Blended Fair Value	$58.95
Current Price	$70.40
Upside	-16.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-2.40%	0.00%	3.49	4.48	2.72	1.57	2.52	3.94	0.00	0.00	0.00	0.00
YoY Growth	-	-	-22.22%	65.00%	72.50%	-37.50%	-36.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.40%	7.24%	4.50%	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)	194.16
(-) Cash Dividends Paid (M)	165.77
(=) Cash Retained (M)	28.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.83	24.27	14.56
Cash Retained (M)	28.40	28.40	28.40
(-) Cash Required (M)	-38.83	-24.27	-14.56
(=) Excess Retained (M)	-10.44	4.13	13.83
(/) Shares Outstanding (M)	32.01	32.01	32.01
(=) Excess Retained per Share	-0.33	0.13	0.43
LTM Dividend per Share	5.18	5.18	5.18
(+) Excess Retained per Share	-0.33	0.13	0.43
(=) Adjusted Dividend	4.85	5.31	5.61
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$40.03	$48.29	$56.79
Upside / Downside	-43.14%	-31.40%	-19.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	194.16	192.22	190.30	188.40	186.51	184.65	190.19
Payout Ratio	85.38%	86.30%	87.23%	88.15%	89.08%	90.00%	92.50%
Projected Dividends (M)	165.77	165.89	165.99	166.07	166.13	166.18	175.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	149.45	150.97	152.50
Year 2 PV (M)	134.72	137.48	140.27
Year 3 PV (M)	121.43	125.18	129.02
Year 4 PV (M)	109.44	113.97	118.65
Year 5 PV (M)	98.62	103.75	109.10
PV of Terminal Value (M)	1,517.63	1,596.65	1,678.94
Equity Value (M)	2,131.28	2,228.02	2,328.47
Shares Outstanding (M)	32.01	32.01	32.01
Fair Value	$66.58	$69.60	$72.74
Upside / Downside	-5.43%	-1.14%	3.32%

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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
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7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Financial Statements

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Sector

Godex International Co., Ltd (4987.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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