DDM Analysis: CET

Valuation Snapshot

Stable Growth	$240.41 - $425.01	$318.59
Multi-Stage	$297.64 - $326.57	$311.83
Blended Fair Value	$315.21
Current Price	$47.86
Upside	558.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.86%	3.97%	1.32	1.07	1.34	2.02	0.94	0.76	0.80	0.56	0.56	1.02
YoY Growth	-	-	23.15%	-20.06%	-33.41%	113.89%	24.89%	-6.11%	43.14%	0.82%	-45.21%	13.56%
Dividend Yield	-	-	2.89%	2.84%	4.02%	4.53%	2.89%	2.28%	3.24%	2.05%	2.56%	5.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	507.00
(-) Cash Dividends Paid (M)	70.31
(=) Cash Retained (M)	436.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.40	63.38	38.03
Cash Retained (M)	436.69	436.69	436.69
(-) Cash Required (M)	-101.40	-63.38	-38.03
(=) Excess Retained (M)	335.29	373.32	398.67
(/) Shares Outstanding (M)	28.66	28.66	28.66
(=) Excess Retained per Share	11.70	13.03	13.91
LTM Dividend per Share	2.45	2.45	2.45
(+) Excess Retained per Share	11.70	13.03	13.91
(=) Adjusted Dividend	14.15	15.48	16.37
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	1.97%	2.97%	3.97%
Fair Value	$240.41	$318.59	$425.01
Upside / Downside	402.32%	565.67%	788.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	507.00	522.08	537.60	553.58	570.04	586.99	604.60
Payout Ratio	13.87%	29.09%	44.32%	59.55%	74.77%	90.00%	92.50%
Projected Dividends (M)	70.31	151.89	238.27	329.64	426.24	528.30	559.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	1.97%	2.97%	3.97%
Year 1 PV (M)	139.30	140.67	142.04
Year 2 PV (M)	200.41	204.36	208.35
Year 3 PV (M)	254.29	261.85	269.55
Year 4 PV (M)	301.56	313.57	325.93
Year 5 PV (M)	342.79	359.93	377.75
PV of Terminal Value (M)	7,291.00	7,655.58	8,034.60
Equity Value (M)	8,529.36	8,935.95	9,358.21
Shares Outstanding (M)	28.66	28.66	28.66
Fair Value	$297.64	$311.83	$326.57
Upside / Downside	521.91%	551.55%	582.34%

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301151.SZ	Shanghai Karon Eco-Valve Manufacturing Co., Ltd.	1.64%	$0.31	64.22%
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%
RUBFILA.BO	Rubfila International Limited	1.62%	$1.20	22.45%
VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
WAS.WA	Wasko S.A.	1.62%	$0.03	19.20%
002152.SZ	GRG Banking Equipment Co., Ltd.	1.61%	$0.22	65.18%
002457.SZ	Ningxia Qinglong Pipes Industry Group Co., Ltd.	1.61%	$0.18	28.21%
002913.SZ	Aoshikang Technology Co., Ltd.	1.61%	$0.69	60.58%
007570.KS	Ilyang Pharmaceutical Co.,Ltd	1.61%	$210.74	33.61%
066570.KS	LG Electronics Inc.	1.61%	$1,472.83	36.12%
603181.SS	Zhejiang Huangma Technology Co.,Ltd	1.61%	$0.23	29.53%
603416.SS	WuXi Xinje Electric Co.,Ltd.	1.61%	$0.89	59.24%
ABB.AX	Aussie Broadband Limited	1.61%	$0.08	39.83%
H22.SI	Hong Leong Asia Ltd.	1.61%	$0.04	31.75%
MATAS.CO	Matas A/S	1.61%	$2.00	26.57%
SRSN.JK	PT Indo Acidatama Tbk	1.61%	$1.00	12.49%
000050.KS	Kyungbangco.Ltd	1.60%	$149.61	11.55%

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Central Securities Corp. (CET)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener