DDM Analysis: 6922.TWO

Valuation Snapshot

Stable Growth	$53.25 - $76.25	$64.51
Multi-Stage	$88.49 - $96.92	$92.62
Blended Fair Value	$78.57
Current Price	$196.00
Upside	-59.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	3.50	4.99	3.11	2.15	1.49	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-29.84%	60.68%	44.74%	43.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.12%	4.44%	2.00%	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)	201.43
(-) Cash Dividends Paid (M)	123.48
(=) Cash Retained (M)	77.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.29	25.18	15.11
Cash Retained (M)	77.95	77.95	77.95
(-) Cash Required (M)	-40.29	-25.18	-15.11
(=) Excess Retained (M)	37.66	52.77	62.84
(/) Shares Outstanding (M)	26.10	26.10	26.10
(=) Excess Retained per Share	1.44	2.02	2.41
LTM Dividend per Share	4.73	4.73	4.73
(+) Excess Retained per Share	1.44	2.02	2.41
(=) Adjusted Dividend	6.17	6.75	7.14
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$53.25	$64.51	$76.25
Upside / Downside	-72.83%	-67.09%	-61.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	201.43	199.41	197.42	195.45	193.49	191.56	197.30
Payout Ratio	61.30%	67.04%	72.78%	78.52%	84.26%	90.00%	92.50%
Projected Dividends (M)	123.48	133.69	143.69	153.47	163.04	172.40	182.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	121.01	122.25	123.48
Year 2 PV (M)	117.72	120.14	122.58
Year 3 PV (M)	113.81	117.33	120.92
Year 4 PV (M)	109.44	113.98	118.65
Year 5 PV (M)	104.75	110.21	115.89
PV of Terminal Value (M)	1,743.14	1,833.90	1,928.42
Equity Value (M)	2,309.88	2,417.81	2,529.94
Shares Outstanding (M)	26.10	26.10	26.10
Fair Value	$88.49	$92.62	$96.92
Upside / Downside	-54.85%	-52.74%	-50.55%

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300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
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603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
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LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
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Neousys Technology Inc. (6922.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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