DDM Analysis: 200670.KQ

Valuation Snapshot

Stable Growth	$67,630.02 - $116,383.26	$88,658.84
Multi-Stage	$118,793.47 - $130,726.78	$124,644.44
Blended Fair Value	$106,651.64
Current Price	$53,800.00
Upside	98.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.18%	0.00%	577.25	686.79	364.83	365.07	461.93	518.32	500.14	416.08	251.82	0.00
YoY Growth	-	-	-15.95%	88.25%	-0.07%	-20.97%	-10.88%	3.64%	20.20%	65.23%	0.00%	0.00%
Dividend Yield	-	-	1.48%	2.35%	1.58%	1.68%	1.89%	3.00%	1.78%	1.00%	0.94%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55,281.31
(-) Cash Dividends Paid (M)	4,959.23
(=) Cash Retained (M)	50,322.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,056.26	6,910.16	4,146.10
Cash Retained (M)	50,322.08	50,322.08	50,322.08
(-) Cash Required (M)	-11,056.26	-6,910.16	-4,146.10
(=) Excess Retained (M)	39,265.82	43,411.92	46,175.98
(/) Shares Outstanding (M)	10.31	10.31	10.31
(=) Excess Retained per Share	3,809.44	4,211.68	4,479.84
LTM Dividend per Share	481.13	481.13	481.13
(+) Excess Retained per Share	3,809.44	4,211.68	4,479.84
(=) Adjusted Dividend	4,290.57	4,692.81	4,960.97
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.18%	1.18%	2.18%
Fair Value	$67,630.02	$88,658.84	$116,383.26
Upside / Downside	25.71%	64.79%	116.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55,281.31	55,932.09	56,590.53	57,256.73	57,930.76	58,612.73	60,371.12
Payout Ratio	8.97%	25.18%	41.38%	57.59%	73.79%	90.00%	92.50%
Projected Dividends (M)	4,959.23	14,081.86	23,418.60	32,973.21	42,749.53	52,751.46	55,843.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.18%	1.18%	2.18%
Year 1 PV (M)	13,087.71	13,218.36	13,349.00
Year 2 PV (M)	20,228.70	20,634.58	21,044.48
Year 3 PV (M)	26,471.09	27,271.76	28,088.41
Year 4 PV (M)	31,896.68	33,189.49	34,521.21
Year 5 PV (M)	36,580.72	38,443.33	40,381.06
PV of Terminal Value (M)	1,096,198.77	1,152,015.03	1,210,082.13
Equity Value (M)	1,224,463.68	1,284,772.55	1,347,466.29
Shares Outstanding (M)	10.31	10.31	10.31
Fair Value	$118,793.47	$124,644.44	$130,726.78
Upside / Downside	120.81%	131.68%	142.99%

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FRME	First Merchants Corporation	3.83%	$1.44	35.39%
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LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
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UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
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FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
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ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
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BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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Humedix Co., Ltd. (200670.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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