DDM Analysis: 5536.TWO

Valuation Snapshot

Stable Growth	$2,119.88 - $4,596.49	$4,307.58
Multi-Stage	$698.48 - $764.31	$730.79
Blended Fair Value	$2,519.19
Current Price	$397.50
Upside	533.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.89%	10.94%	10.47	11.37	6.90	5.51	6.53	6.53	4.92	3.04	2.28	0.75
YoY Growth	-	-	-7.97%	64.80%	25.18%	-15.57%	-0.03%	32.64%	62.21%	33.05%	204.63%	-79.79%
Dividend Yield	-	-	2.97%	5.77%	5.00%	5.38%	6.51%	7.57%	5.40%	3.13%	4.06%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,877.19
(-) Cash Dividends Paid (M)	1,364.89
(=) Cash Retained (M)	1,512.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	575.44	359.65	215.79
Cash Retained (M)	1,512.30	1,512.30	1,512.30
(-) Cash Required (M)	-575.44	-359.65	-215.79
(=) Excess Retained (M)	936.86	1,152.65	1,296.51
(/) Shares Outstanding (M)	124.49	124.49	124.49
(=) Excess Retained per Share	7.53	9.26	10.41
LTM Dividend per Share	10.96	10.96	10.96
(+) Excess Retained per Share	7.53	9.26	10.41
(=) Adjusted Dividend	18.49	20.22	21.38
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,119.88	$4,307.58	$4,596.49
Upside / Downside	433.30%	983.67%	1,056.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,877.19	3,064.21	3,263.38	3,475.50	3,701.41	3,942.00	4,060.26
Payout Ratio	47.44%	55.95%	64.46%	72.98%	81.49%	90.00%	92.50%
Projected Dividends (M)	1,364.89	1,714.44	2,103.67	2,536.26	3,016.19	3,547.80	3,755.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,595.89	1,611.01	1,626.14
Year 2 PV (M)	1,822.79	1,857.51	1,892.55
Year 3 PV (M)	2,045.64	2,104.37	2,164.20
Year 4 PV (M)	2,264.51	2,351.59	2,441.17
Year 5 PV (M)	2,479.44	2,599.19	2,723.53
PV of Terminal Value (M)	76,743.08	80,449.80	84,298.39
Equity Value (M)	86,951.34	90,973.48	95,145.99
Shares Outstanding (M)	124.49	124.49	124.49
Fair Value	$698.48	$730.79	$764.31
Upside / Downside	75.72%	83.85%	92.28%

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Acter Group Corporation Limited (5536.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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