DDM Analysis: 6187.TWO

Valuation Snapshot

Stable Growth	$309.18 - $664.17	$440.92
Multi-Stage	$238.76 - $260.03	$249.21
Blended Fair Value	$345.06
Current Price	$384.00
Upside	-10.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.76%	3.02%	1.34	2.57	3.77	2.51	1.29	2.66	2.69	2.60	1.76	1.45
YoY Growth	-	-	-47.74%	-31.87%	50.00%	95.51%	-51.61%	-1.09%	3.33%	48.07%	21.35%	45.19%
Dividend Yield	-	-	0.51%	0.97%	5.56%	1.89%	1.12%	7.70%	5.84%	3.77%	2.42%	2.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,577.82
(-) Cash Dividends Paid (M)	1,023.50
(=) Cash Retained (M)	554.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	315.56	197.23	118.34
Cash Retained (M)	554.32	554.32	554.32
(-) Cash Required (M)	-315.56	-197.23	-118.34
(=) Excess Retained (M)	238.76	357.09	435.98
(/) Shares Outstanding (M)	97.24	97.24	97.24
(=) Excess Retained per Share	2.46	3.67	4.48
LTM Dividend per Share	10.53	10.53	10.53
(+) Excess Retained per Share	2.46	3.67	4.48
(=) Adjusted Dividend	12.98	14.20	15.01
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$309.18	$440.92	$664.17
Upside / Downside	-19.48%	14.82%	72.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,577.82	1,680.38	1,789.60	1,905.93	2,029.81	2,161.75	2,226.60
Payout Ratio	64.87%	69.89%	74.92%	79.95%	84.97%	90.00%	92.50%
Projected Dividends (M)	1,023.50	1,174.49	1,340.78	1,523.73	1,724.80	1,945.57	2,059.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,058.37	1,068.40	1,078.44
Year 2 PV (M)	1,088.77	1,109.51	1,130.45
Year 3 PV (M)	1,115.01	1,147.01	1,179.63
Year 4 PV (M)	1,137.36	1,181.10	1,226.09
Year 5 PV (M)	1,156.10	1,211.94	1,269.92
PV of Terminal Value (M)	17,662.11	18,515.20	19,400.94
Equity Value (M)	23,217.72	24,233.17	25,285.45
Shares Outstanding (M)	97.24	97.24	97.24
Fair Value	$238.76	$249.21	$260.03
Upside / Downside	-37.82%	-35.10%	-32.28%

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LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
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Financial Statements

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Ticker

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Sector

All Ring Tech Co., Ltd. (6187.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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