DDM Analysis: 5321.TWO

Valuation Snapshot

Stable Growth	$138.11 - $162.72	$152.49
Multi-Stage	$39.91 - $43.70	$41.77
Blended Fair Value	$97.13
Current Price	$40.85
Upside	137.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	39.10%	0.00%	0.77	0.52	0.32	0.00	0.18	0.15	0.00	0.00	0.00	0.00
YoY Growth	-	-	48.00%	60.99%	0.00%	-100.00%	20.75%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.65%	0.72%	0.50%	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)	44.28
(-) Cash Dividends Paid (M)	36.77
(=) Cash Retained (M)	7.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.86	5.53	3.32
Cash Retained (M)	7.51	7.51	7.51
(-) Cash Required (M)	-8.86	-5.53	-3.32
(=) Excess Retained (M)	-1.34	1.98	4.19
(/) Shares Outstanding (M)	54.12	54.12	54.12
(=) Excess Retained per Share	-0.02	0.04	0.08
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	-0.02	0.04	0.08
(=) Adjusted Dividend	0.65	0.72	0.76
WACC / Discount Rate	5.18%	5.18%	5.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$138.11	$152.49	$162.72
Upside / Downside	238.10%	273.30%	298.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.28	47.16	50.22	53.49	56.96	60.66	62.48
Payout Ratio	83.04%	84.43%	85.82%	87.21%	88.61%	90.00%	92.50%
Projected Dividends (M)	36.77	39.81	43.10	46.65	50.47	54.60	57.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.18%	5.18%	5.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	37.50	37.85	38.21
Year 2 PV (M)	38.23	38.96	39.70
Year 3 PV (M)	38.97	40.09	41.23
Year 4 PV (M)	39.71	41.24	42.81
Year 5 PV (M)	40.46	42.41	44.44
PV of Terminal Value (M)	1,964.92	2,059.83	2,158.37
Equity Value (M)	2,159.79	2,260.38	2,364.75
Shares Outstanding (M)	54.12	54.12	54.12
Fair Value	$39.91	$41.77	$43.70
Upside / Downside	-2.30%	2.25%	6.97%

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United Recommend International Co., Ltd. (5321.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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