DDM Analysis: 5297.TWO

Valuation Snapshot

Stable Growth	$14.95 - $23.18	$18.76
Multi-Stage	$26.85 - $29.46	$28.13
Blended Fair Value	$23.45
Current Price	$38.45
Upside	-39.02%
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	-1.06%	0.00%	0.63	0.33	0.00	0.20	0.33	0.66	0.00	0.00	0.00	0.00
YoY Growth	-	-	89.65%	0.00%	-100.00%	-40.00%	-50.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.19%	2.10%	0.00%	1.62%	3.55%	6.78%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.79
(-) Cash Dividends Paid (M)	34.05
(=) Cash Retained (M)	21.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.16	6.97	4.18
Cash Retained (M)	21.75	21.75	21.75
(-) Cash Required (M)	-11.16	-6.97	-4.18
(=) Excess Retained (M)	10.59	14.77	17.56
(/) Shares Outstanding (M)	35.48	35.48	35.48
(=) Excess Retained per Share	0.30	0.42	0.50
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	0.30	0.42	0.50
(=) Adjusted Dividend	1.26	1.38	1.45
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-0.81%	0.19%	1.19%
Fair Value	$14.95	$18.76	$23.18
Upside / Downside	-61.13%	-51.21%	-39.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.79	55.90	56.00	56.11	56.21	56.32	58.01
Payout Ratio	61.02%	66.82%	72.61%	78.41%	84.20%	90.00%	92.50%
Projected Dividends (M)	34.05	37.35	40.66	43.99	47.33	50.69	53.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-0.81%	0.19%	1.19%
Year 1 PV (M)	34.38	34.73	35.08
Year 2 PV (M)	34.47	35.16	35.87
Year 3 PV (M)	34.33	35.38	36.45
Year 4 PV (M)	34.00	35.39	36.83
Year 5 PV (M)	33.52	35.24	37.04
PV of Terminal Value (M)	781.96	822.18	864.04
Equity Value (M)	952.65	998.09	1,045.29
Shares Outstanding (M)	35.48	35.48	35.48
Fair Value	$26.85	$28.13	$29.46
Upside / Downside	-30.16%	-26.83%	-23.37%

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3s Silicon Tech., Inc. (5297.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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