DDM Analysis: 603860.SS

Valuation Snapshot

Stable Growth	$7.33 - $12.01	$9.41
Multi-Stage	$13.79 - $15.17	$14.46
Blended Fair Value	$11.94
Current Price	$30.60
Upside	-60.98%
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	1.51%	-6.33%	0.15	0.12	0.11	0.11	0.17	0.14	0.14	0.17	0.16	0.03
YoY Growth	-	-	33.88%	1.11%	8.74%	-36.44%	15.23%	-0.20%	-15.32%	4.31%	539.52%	-91.45%
Dividend Yield	-	-	0.53%	0.41%	0.37%	0.44%	0.78%	0.55%	0.49%	0.49%	0.72%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.85
(-) Cash Dividends Paid (M)	11.16
(=) Cash Retained (M)	32.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.77	5.48	3.29
Cash Retained (M)	32.69	32.69	32.69
(-) Cash Required (M)	-8.77	-5.48	-3.29
(=) Excess Retained (M)	23.92	27.21	29.40
(/) Shares Outstanding (M)	66.68	66.68	66.68
(=) Excess Retained per Share	0.36	0.41	0.44
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.36	0.41	0.44
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-0.49%	0.51%	1.51%
Fair Value	$7.33	$9.41	$12.01
Upside / Downside	-76.05%	-69.23%	-60.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.85	44.07	44.30	44.53	44.76	44.99	46.34
Payout Ratio	25.44%	38.35%	51.27%	64.18%	77.09%	90.00%	92.50%
Projected Dividends (M)	11.16	16.90	22.71	28.58	34.50	40.49	42.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-0.49%	0.51%	1.51%
Year 1 PV (M)	15.69	15.85	16.01
Year 2 PV (M)	19.57	19.96	20.36
Year 3 PV (M)	22.86	23.55	24.26
Year 4 PV (M)	25.62	26.66	27.74
Year 5 PV (M)	27.90	29.33	30.82
PV of Terminal Value (M)	807.64	849.04	892.13
Equity Value (M)	919.27	964.40	1,011.32
Shares Outstanding (M)	66.68	66.68	66.68
Fair Value	$13.79	$14.46	$15.17
Upside / Downside	-54.95%	-52.73%	-50.44%

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RoadMainT Co.,Ltd. (603860.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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