DDM Analysis: 2948.TWO

Valuation Snapshot

Stable Growth	$105.85 - $444.14	$266.55
Multi-Stage	$54.85 - $59.88	$57.32
Blended Fair Value	$161.94
Current Price	$38.90
Upside	316.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	37.50%	0.00%	2.38	2.44	2.18	1.25	0.47	0.49	0.42	0.00	0.00	0.00
YoY Growth	-	-	-2.19%	11.76%	74.35%	165.28%	-2.77%	16.82%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.95%	4.06%	3.35%	1.86%	0.73%	1.11%	0.95%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.18
(-) Cash Dividends Paid (M)	54.60
(=) Cash Retained (M)	13.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.64	8.52	5.11
Cash Retained (M)	13.58	13.58	13.58
(-) Cash Required (M)	-13.64	-8.52	-5.11
(=) Excess Retained (M)	-0.06	5.06	8.47
(/) Shares Outstanding (M)	30.53	30.53	30.53
(=) Excess Retained per Share	0.00	0.17	0.28
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	0.00	0.17	0.28
(=) Adjusted Dividend	1.79	1.95	2.07
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$105.85	$266.55	$444.14
Upside / Downside	172.10%	585.22%	1,041.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.18	72.61	77.33	82.36	87.71	93.41	96.21
Payout Ratio	80.08%	82.07%	84.05%	86.03%	88.02%	90.00%	92.50%
Projected Dividends (M)	54.60	59.59	65.00	70.85	77.20	84.07	89.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.02	55.55	56.07
Year 2 PV (M)	55.42	56.47	57.54
Year 3 PV (M)	55.78	57.39	59.02
Year 4 PV (M)	56.12	58.28	60.50
Year 5 PV (M)	56.43	59.16	61.99
PV of Terminal Value (M)	1,395.60	1,463.01	1,533.00
Equity Value (M)	1,674.39	1,749.86	1,828.11
Shares Outstanding (M)	30.53	30.53	30.53
Fair Value	$54.85	$57.32	$59.88
Upside / Downside	40.99%	47.35%	53.94%

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Bausen Inc. (2948.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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