DDM Analysis: 2756.TWO

Valuation Snapshot

Stable Growth	$15.74 - $21.69	$18.74
Multi-Stage	$49.09 - $54.33	$51.66
Blended Fair Value	$35.20
Current Price	$92.70
Upside	-62.03%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-5.68%	0.00%	3.48	3.52	2.61	1.10	1.51	4.65	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.33%	35.00%	137.18%	-27.00%	-67.63%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.62%	4.11%	2.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	77.88
(-) Cash Dividends Paid (M)	31.58
(=) Cash Retained (M)	46.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.58	9.74	5.84
Cash Retained (M)	46.30	46.30	46.30
(-) Cash Required (M)	-15.58	-9.74	-5.84
(=) Excess Retained (M)	30.73	36.57	40.46
(/) Shares Outstanding (M)	26.13	26.13	26.13
(=) Excess Retained per Share	1.18	1.40	1.55
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	1.18	1.40	1.55
(=) Adjusted Dividend	2.38	2.61	2.76
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-7.68%	-6.68%	-5.68%
Fair Value	$15.74	$18.74	$21.69
Upside / Downside	-83.02%	-79.79%	-76.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	77.88	72.68	67.83	63.30	59.07	55.13	56.78
Payout Ratio	40.55%	50.44%	60.33%	70.22%	80.11%	90.00%	92.50%
Projected Dividends (M)	31.58	36.66	40.92	44.45	47.32	49.61	52.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-7.68%	-6.68%	-5.68%
Year 1 PV (M)	34.11	34.48	34.85
Year 2 PV (M)	35.43	36.21	36.99
Year 3 PV (M)	35.82	36.99	38.19
Year 4 PV (M)	35.48	37.05	38.66
Year 5 PV (M)	34.62	36.54	38.54
PV of Terminal Value (M)	1,107.29	1,168.57	1,232.54
Equity Value (M)	1,282.76	1,349.84	1,419.77
Shares Outstanding (M)	26.13	26.13	26.13
Fair Value	$49.09	$51.66	$54.33
Upside / Downside	-47.04%	-44.27%	-41.39%

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Lian Fa International Dining Business Corp. (2756.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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