DDM Analysis: 6179.TWO

Valuation Snapshot

Stable Growth	$27.86 - $60.76	$39.95
Multi-Stage	$123.97 - $136.93	$130.32
Blended Fair Value	$85.13
Current Price	$32.00
Upside	166.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-15.36%	0.00%	0.27	0.00	0.80	1.16	0.54	0.62	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-31.15%	115.58%	-13.18%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.12%	0.00%	2.75%	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)	186.65
(-) Cash Dividends Paid (M)	115.59
(=) Cash Retained (M)	71.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.33	23.33	14.00
Cash Retained (M)	71.06	71.06	71.06
(-) Cash Required (M)	-37.33	-23.33	-14.00
(=) Excess Retained (M)	33.73	47.73	57.06
(/) Shares Outstanding (M)	120.59	120.59	120.59
(=) Excess Retained per Share	0.28	0.40	0.47
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	0.28	0.40	0.47
(=) Adjusted Dividend	1.24	1.35	1.43
WACC / Discount Rate	2.36%	2.36%	2.36%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$27.86	$39.95	$60.76
Upside / Downside	-12.95%	24.84%	89.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	186.65	184.78	182.94	181.11	179.30	177.50	182.83
Payout Ratio	61.93%	67.54%	73.16%	78.77%	84.39%	90.00%	92.50%
Projected Dividends (M)	115.59	124.81	133.83	142.66	151.30	159.75	169.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.36%	2.36%	2.36%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	120.70	121.93	123.17
Year 2 PV (M)	125.17	127.74	130.33
Year 3 PV (M)	129.04	133.03	137.10
Year 4 PV (M)	132.36	137.84	143.50
Year 5 PV (M)	135.15	142.19	149.52
PV of Terminal Value (M)	14,307.63	15,052.66	15,828.41
Equity Value (M)	14,950.06	15,715.40	16,512.03
Shares Outstanding (M)	120.59	120.59	120.59
Fair Value	$123.97	$130.32	$136.93
Upside / Downside	287.42%	307.25%	327.89%

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Financial Statements

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Sector

ATE Energy International Co., Ltd. (6179.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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