DDM Analysis: 8415.TWO

Valuation Snapshot

Stable Growth	$85.54 - $442.04	$153.83
Multi-Stage	$55.92 - $61.10	$58.46
Blended Fair Value	$106.15
Current Price	$33.55
Upside	216.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.20%	15.55%	1.49	1.79	1.81	1.40	1.41	2.41	0.60	0.56	0.35	0.23
YoY Growth	-	-	-16.95%	-0.93%	29.65%	-0.83%	-41.67%	304.84%	6.69%	59.22%	50.00%	-33.33%
Dividend Yield	-	-	4.17%	5.30%	5.02%	3.64%	5.18%	8.94%	1.66%	2.56%	2.14%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,702.13
(-) Cash Dividends Paid (M)	1,517.39
(=) Cash Retained (M)	1,184.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	540.43	337.77	202.66
Cash Retained (M)	1,184.75	1,184.75	1,184.75
(-) Cash Required (M)	-540.43	-337.77	-202.66
(=) Excess Retained (M)	644.32	846.98	982.09
(/) Shares Outstanding (M)	1,025.95	1,025.95	1,025.95
(=) Excess Retained per Share	0.63	0.83	0.96
LTM Dividend per Share	1.48	1.48	1.48
(+) Excess Retained per Share	0.63	0.83	0.96
(=) Adjusted Dividend	2.11	2.30	2.44
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$85.54	$153.83	$442.04
Upside / Downside	154.97%	358.50%	1,217.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,702.13	2,869.05	3,046.29	3,234.47	3,434.28	3,646.44	3,755.83
Payout Ratio	56.16%	62.92%	69.69%	76.46%	83.23%	90.00%	92.50%
Projected Dividends (M)	1,517.39	1,805.33	2,123.05	2,473.15	2,858.39	3,281.79	3,474.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	1,659.42	1,675.19	1,690.97
Year 2 PV (M)	1,793.74	1,828.02	1,862.61
Year 3 PV (M)	1,920.65	1,975.96	2,032.32
Year 4 PV (M)	2,040.42	2,119.14	2,200.11
Year 5 PV (M)	2,153.33	2,257.66	2,366.00
PV of Terminal Value (M)	47,807.32	50,123.65	52,528.90
Equity Value (M)	57,374.89	59,979.61	62,680.90
Shares Outstanding (M)	1,025.95	1,025.95	1,025.95
Fair Value	$55.92	$58.46	$61.10
Upside / Downside	66.69%	74.25%	82.10%

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086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
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Brighton-Best International (Taiwan) Inc. (8415.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener