DDM Analysis: CET

Valuation Snapshot

Stable Growth	$240.42 - $425.03	$318.60
Multi-Stage	$297.66 - $326.58	$311.85
Blended Fair Value	$315.23
Current Price	$47.86
Upside	558.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.86%	3.97%	1.32	1.07	1.34	2.02	0.94	0.76	0.80	0.56	0.56	1.02
YoY Growth	-	-	23.15%	-20.06%	-33.41%	113.89%	24.89%	-6.11%	43.14%	0.82%	-45.21%	13.56%
Dividend Yield	-	-	2.89%	2.84%	4.02%	4.53%	2.89%	2.28%	3.24%	2.05%	2.56%	5.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	507.00
(-) Cash Dividends Paid (M)	70.31
(=) Cash Retained (M)	436.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.40	63.38	38.03
Cash Retained (M)	436.69	436.69	436.69
(-) Cash Required (M)	-101.40	-63.38	-38.03
(=) Excess Retained (M)	335.29	373.32	398.67
(/) Shares Outstanding (M)	28.66	28.66	28.66
(=) Excess Retained per Share	11.70	13.03	13.91
LTM Dividend per Share	2.45	2.45	2.45
(+) Excess Retained per Share	11.70	13.03	13.91
(=) Adjusted Dividend	14.15	15.48	16.37
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	1.97%	2.97%	3.97%
Fair Value	$240.42	$318.60	$425.03
Upside / Downside	402.33%	565.70%	788.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	507.00	522.08	537.60	553.58	570.04	586.99	604.60
Payout Ratio	13.87%	29.09%	44.32%	59.55%	74.77%	90.00%	92.50%
Projected Dividends (M)	70.31	151.89	238.27	329.64	426.24	528.30	559.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	1.97%	2.97%	3.97%
Year 1 PV (M)	139.30	140.67	142.04
Year 2 PV (M)	200.41	204.36	208.35
Year 3 PV (M)	254.29	261.85	269.55
Year 4 PV (M)	301.56	313.57	325.93
Year 5 PV (M)	342.79	359.93	377.75
PV of Terminal Value (M)	7,291.37	7,655.97	8,035.00
Equity Value (M)	8,529.74	8,936.35	9,358.62
Shares Outstanding (M)	28.66	28.66	28.66
Fair Value	$297.66	$311.85	$326.58
Upside / Downside	521.93%	551.58%	582.37%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
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%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

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Central Securities Corp. (CET)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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