DDM Analysis: 4749.TWO

Valuation Snapshot

Stable Growth	$1,793.61 - $2,113.18	$1,980.35
Multi-Stage	$1,250.09 - $1,371.54	$1,309.68
Blended Fair Value	$1,645.02
Current Price	$890.00
Upside	84.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	52.45%	0.00%	2.55	2.72	0.90	0.00	0.18	0.31	0.00	0.00	0.00	0.00
YoY Growth	-	-	-6.03%	202.99%	0.00%	-100.00%	-41.87%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.53%	0.46%	0.37%	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)	955.58
(-) Cash Dividends Paid (M)	555.37
(=) Cash Retained (M)	400.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	191.12	119.45	71.67
Cash Retained (M)	400.21	400.21	400.21
(-) Cash Required (M)	-191.12	-119.45	-71.67
(=) Excess Retained (M)	209.09	280.76	328.54
(/) Shares Outstanding (M)	89.93	89.93	89.93
(=) Excess Retained per Share	2.33	3.12	3.65
LTM Dividend per Share	6.18	6.18	6.18
(+) Excess Retained per Share	2.33	3.12	3.65
(=) Adjusted Dividend	8.50	9.30	9.83
WACC / Discount Rate	1.90%	1.90%	1.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,793.61	$1,980.35	$2,113.18
Upside / Downside	101.53%	122.51%	137.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	955.58	1,017.70	1,083.85	1,154.30	1,229.33	1,309.23	1,348.51
Payout Ratio	58.12%	64.50%	70.87%	77.25%	83.62%	90.00%	92.50%
Projected Dividends (M)	555.37	656.36	768.14	891.67	1,028.01	1,178.31	1,247.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.90%	1.90%	1.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	638.07	644.12	650.17
Year 2 PV (M)	725.92	739.75	753.70
Year 3 PV (M)	819.18	842.69	866.66
Year 4 PV (M)	918.12	953.43	989.74
Year 5 PV (M)	1,023.03	1,072.44	1,123.74
PV of Terminal Value (M)	108,298.75	113,529.62	118,960.69
Equity Value (M)	112,423.07	117,782.05	123,344.71
Shares Outstanding (M)	89.93	89.93	89.93
Fair Value	$1,250.09	$1,309.68	$1,371.54
Upside / Downside	40.46%	47.16%	54.11%

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Advanced Echem Materials Company Limited (4749.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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