DDM Analysis: 4721.TWO

Valuation Snapshot

Stable Growth	$19.07 - $27.66	$23.24
Multi-Stage	$49.66 - $54.78	$52.17
Blended Fair Value	$37.71
Current Price	$68.30
Upside	-44.79%
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	-17.04%	0.37%	1.10	4.60	3.80	1.39	2.44	2.80	2.40	1.55	1.40	1.30
YoY Growth	-	-	-76.09%	21.05%	173.38%	-43.03%	-12.86%	16.67%	54.84%	10.71%	7.69%	22.64%
Dividend Yield	-	-	1.87%	6.16%	3.57%	0.92%	3.86%	7.11%	3.16%	1.52%	3.25%	4.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	200.53
(-) Cash Dividends Paid (M)	82.49
(=) Cash Retained (M)	118.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.11	25.07	15.04
Cash Retained (M)	118.04	118.04	118.04
(-) Cash Required (M)	-40.11	-25.07	-15.04
(=) Excess Retained (M)	77.94	92.98	103.00
(/) Shares Outstanding (M)	75.01	75.01	75.01
(=) Excess Retained per Share	1.04	1.24	1.37
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	1.04	1.24	1.37
(=) Adjusted Dividend	2.14	2.34	2.47
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-4.25%	-3.25%	-2.25%
Fair Value	$19.07	$23.24	$27.66
Upside / Downside	-72.08%	-65.97%	-59.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	200.53	194.01	187.70	181.59	175.69	169.98	175.07
Payout Ratio	41.13%	50.91%	60.68%	70.45%	80.23%	90.00%	92.50%
Projected Dividends (M)	82.49	98.76	113.90	127.94	140.95	152.98	161.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-4.25%	-3.25%	-2.25%
Year 1 PV (M)	91.79	92.75	93.71
Year 2 PV (M)	98.38	100.44	102.53
Year 3 PV (M)	102.70	105.96	109.28
Year 4 PV (M)	105.16	109.62	114.22
Year 5 PV (M)	106.07	111.73	117.62
PV of Terminal Value (M)	3,221.06	3,392.81	3,571.82
Equity Value (M)	3,725.16	3,913.31	4,109.18
Shares Outstanding (M)	75.01	75.01	75.01
Fair Value	$49.66	$52.17	$54.78
Upside / Downside	-27.29%	-23.61%	-19.79%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
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%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
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%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
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%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
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%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
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%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Mechema Chemicals International Corp. (4721.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener