DDM Analysis: 9951.TWO

Valuation Snapshot

Stable Growth	$80.65 - $200.33	$120.85
Multi-Stage	$334.51 - $370.82	$352.29
Blended Fair Value	$236.57
Current Price	$52.90
Upside	347.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.14%	-3.78%	3.38	3.28	3.28	4.67	3.48	4.18	5.27	5.77	5.47	5.37
YoY Growth	-	-	3.03%	0.00%	-29.79%	34.29%	-16.67%	-20.75%	-8.62%	5.45%	1.85%	8.00%
Dividend Yield	-	-	6.29%	4.50%	4.65%	6.36%	3.48%	6.84%	5.82%	4.12%	3.16%	3.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	307.18
(-) Cash Dividends Paid (M)	254.66
(=) Cash Retained (M)	52.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.44	38.40	23.04
Cash Retained (M)	52.52	52.52	52.52
(-) Cash Required (M)	-61.44	-38.40	-23.04
(=) Excess Retained (M)	-8.92	14.12	29.48
(/) Shares Outstanding (M)	75.31	75.31	75.31
(=) Excess Retained per Share	-0.12	0.19	0.39
LTM Dividend per Share	3.38	3.38	3.38
(+) Excess Retained per Share	-0.12	0.19	0.39
(=) Adjusted Dividend	3.26	3.57	3.77
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	-5.78%	-4.78%	-3.78%
Fair Value	$80.65	$120.85	$200.33
Upside / Downside	52.46%	128.45%	278.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	307.18	292.48	278.49	265.17	252.49	240.41	247.62
Payout Ratio	82.90%	84.32%	85.74%	87.16%	88.58%	90.00%	92.50%
Projected Dividends (M)	254.66	246.63	238.79	231.13	223.66	216.37	229.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	-5.78%	-4.78%	-3.78%
Year 1 PV (M)	248.95	251.59	254.23
Year 2 PV (M)	243.29	248.48	253.73
Year 3 PV (M)	237.70	245.35	253.16
Year 4 PV (M)	232.18	242.19	252.53
Year 5 PV (M)	226.72	239.02	251.83
PV of Terminal Value (M)	24,001.35	25,302.41	26,659.28
Equity Value (M)	25,190.20	26,529.04	27,924.77
Shares Outstanding (M)	75.31	75.31	75.31
Fair Value	$334.51	$352.29	$370.82
Upside / Downside	532.34%	565.95%	600.98%

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Macauto Industrial Co., Ltd. (9951.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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