DDM Analysis: 095610.KQ

Valuation Snapshot

Stable Growth	$158,605.26 - $761,859.10	$343,738.93
Multi-Stage	$83,880.20 - $91,803.48	$87,769.19
Blended Fair Value	$215,754.06
Current Price	$43,200.00
Upside	399.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.71%	27.74%	499.96	499.96	591.92	484.54	328.10	437.47	444.31	243.34	123.16	93.62
YoY Growth	-	-	0.00%	-15.54%	22.16%	47.68%	-25.00%	-1.54%	82.59%	97.58%	31.55%	116.66%
Dividend Yield	-	-	2.30%	2.34%	2.72%	1.77%	0.96%	2.25%	2.38%	0.80%	0.53%	0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67,202.58
(-) Cash Dividends Paid (M)	10,524.74
(=) Cash Retained (M)	56,677.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,440.52	8,400.32	5,040.19
Cash Retained (M)	56,677.85	56,677.85	56,677.85
(-) Cash Required (M)	-13,440.52	-8,400.32	-5,040.19
(=) Excess Retained (M)	43,237.33	48,277.52	51,637.65
(/) Shares Outstanding (M)	17.54	17.54	17.54
(=) Excess Retained per Share	2,464.72	2,752.03	2,943.57
LTM Dividend per Share	599.96	599.96	599.96
(+) Excess Retained per Share	2,464.72	2,752.03	2,943.57
(=) Adjusted Dividend	3,064.68	3,351.99	3,543.53
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$158,605.26	$343,738.93	$761,859.10
Upside / Downside	267.14%	695.69%	1,663.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67,202.58	71,570.75	76,222.85	81,177.33	86,453.86	92,073.36	94,835.56
Payout Ratio	15.66%	30.53%	45.40%	60.26%	75.13%	90.00%	92.50%
Projected Dividends (M)	10,524.74	21,849.81	34,602.68	48,921.10	64,954.72	82,866.02	87,722.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	20,127.34	20,318.12	20,508.90
Year 2 PV (M)	29,362.10	29,921.37	30,485.91
Year 3 PV (M)	38,239.51	39,337.23	40,455.76
Year 4 PV (M)	46,769.81	48,568.44	50,418.46
Year 5 PV (M)	54,962.95	57,617.69	60,374.02
PV of Terminal Value (M)	1,282,006.75	1,343,928.15	1,408,219.44
Equity Value (M)	1,471,468.46	1,539,691.00	1,610,462.49
Shares Outstanding (M)	17.54	17.54	17.54
Fair Value	$83,880.20	$87,769.19	$91,803.48
Upside / Downside	94.17%	103.17%	112.51%

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CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
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TES Co., Ltd (095610.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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