DDM Analysis: CNXN

Valuation Snapshot

Stable Growth	$22.62 - $32.50	$27.45
Multi-Stage	$35.74 - $39.29	$37.48
Blended Fair Value	$32.46
Current Price	$61.99
Upside	-47.63%
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	4.49%	0.00%	0.41	0.32	0.35	1.33	0.33	0.33	0.35	0.35	0.41	0.41
YoY Growth	-	-	25.17%	-6.01%	-74.14%	310.57%	-0.30%	-7.34%	0.90%	-14.64%	0.00%	0.61%
Dividend Yield	-	-	0.65%	0.49%	0.77%	2.55%	0.70%	0.79%	0.96%	1.39%	1.37%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.73
(-) Cash Dividends Paid (M)	14.15
(=) Cash Retained (M)	69.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.75	10.47	6.28
Cash Retained (M)	69.59	69.59	69.59
(-) Cash Required (M)	-16.75	-10.47	-6.28
(=) Excess Retained (M)	52.84	59.12	63.31
(/) Shares Outstanding (M)	25.93	25.93	25.93
(=) Excess Retained per Share	2.04	2.28	2.44
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	2.04	2.28	2.44
(=) Adjusted Dividend	2.58	2.83	2.99
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$22.62	$27.45	$32.50
Upside / Downside	-63.51%	-55.72%	-47.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.73	82.89	82.06	81.24	80.43	79.63	82.02
Payout Ratio	16.89%	31.52%	46.14%	60.76%	75.38%	90.00%	92.50%
Projected Dividends (M)	14.15	26.12	37.86	49.36	60.63	71.66	75.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	23.68	23.93	24.17
Year 2 PV (M)	31.12	31.76	32.40
Year 3 PV (M)	36.78	37.92	39.08
Year 4 PV (M)	40.95	42.65	44.40
Year 5 PV (M)	43.88	46.17	48.55
PV of Terminal Value (M)	750.29	789.36	830.04
Equity Value (M)	926.70	971.77	1,018.63
Shares Outstanding (M)	25.93	25.93	25.93
Fair Value	$35.74	$37.48	$39.29
Upside / Downside	-42.34%	-39.54%	-36.62%

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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%
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%

Financial Statements

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Ticker

Industry

Sector

PC Connection, Inc. (CNXN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener