DDM Analysis: ATERX

Valuation Snapshot

Stable Growth	$129.78 - $257.45	$179.80
Multi-Stage	$116.31 - $127.08	$121.59
Blended Fair Value	$150.70
Current Price	$147.42
Upside	2.22%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	6.57%	2.80	2.69	2.67	2.61	2.55	0.00	2.10	1.99	1.82	1.64
YoY Growth	-	-	4.07%	0.82%	2.52%	2.17%	0.00%	-100.00%	5.24%	9.43%	11.13%	10.56%
Dividend Yield	-	-	1.90%	2.09%	1.86%	1.84%	3.05%	0.00%	2.57%	2.91%	3.15%	2.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	350.00
(-) Cash Dividends Paid (M)	128.00
(=) Cash Retained (M)	222.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.00	43.75	26.25
Cash Retained (M)	222.00	222.00	222.00
(-) Cash Required (M)	-70.00	-43.75	-26.25
(=) Excess Retained (M)	152.00	178.25	195.75
(/) Shares Outstanding (M)	45.66	45.66	45.66
(=) Excess Retained per Share	3.33	3.90	4.29
LTM Dividend per Share	2.80	2.80	2.80
(+) Excess Retained per Share	3.33	3.90	4.29
(=) Adjusted Dividend	6.13	6.71	7.09
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	4.26%	5.26%	6.26%
Fair Value	$129.78	$179.80	$257.45
Upside / Downside	-11.97%	21.97%	74.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	350.00	368.42	387.80	408.21	429.69	452.29	465.86
Payout Ratio	36.57%	47.26%	57.94%	68.63%	79.31%	90.00%	92.50%
Projected Dividends (M)	128.00	174.10	224.70	280.15	340.80	407.06	430.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	4.26%	5.26%	6.26%
Year 1 PV (M)	157.94	159.45	160.97
Year 2 PV (M)	184.91	188.48	192.07
Year 3 PV (M)	209.13	215.21	221.40
Year 4 PV (M)	230.79	239.77	249.01
Year 5 PV (M)	250.07	262.29	274.99
PV of Terminal Value (M)	4,277.86	4,486.98	4,704.20
Equity Value (M)	5,310.69	5,552.18	5,802.65
Shares Outstanding (M)	45.66	45.66	45.66
Fair Value	$116.31	$121.59	$127.08
Upside / Downside	-21.11%	-17.52%	-13.80%

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4912.T	Lion Corporation	1.64%	$27.13	35.97%
5328.TWO	Hua Jung Components Co.,Ltd.	1.64%	$0.35	73.35%
600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
SRSOLTD.BO	Silicon Rental Solutions Ltd.	1.64%	$1.90	9.23%
002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
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%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
603385.SS	Huida Sanitary Ware Co., Ltd.	1.62%	$0.11	69.37%
605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
GRMN	Garmin Ltd.	1.62%	$3.28	40.42%
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VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
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AB Sustainable Global Thematic Fund Class R (ATERX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener