DDM Analysis: 6269.T

Valuation Snapshot

Stable Growth	$48.13 - $84.26	$63.53
Multi-Stage	$45.56 - $49.80	$47.64
Blended Fair Value	$55.59
Current Price	$42.95
Upside	29.42%
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	-62.50%	5.25%	0.33	0.00	0.00	0.28	0.37	44.43	42.35	32.02	29.94	27.86
YoY Growth	-	-	224,780.00%	-47.37%	-99.90%	-24.83%	-99.17%	4.91%	32.25%	6.95%	7.47%	14,005.53%
Dividend Yield	-	-	1.20%	0.00%	0.00%	2.66%	1.81%	365.64%	144.72%	127.97%	140.96%	190.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	241.99
(-) Cash Dividends Paid (M)	58.56
(=) Cash Retained (M)	183.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.40	30.25	18.15
Cash Retained (M)	183.43	183.43	183.43
(-) Cash Required (M)	-48.40	-30.25	-18.15
(=) Excess Retained (M)	135.03	153.18	165.28
(/) Shares Outstanding (M)	68.27	68.27	68.27
(=) Excess Retained per Share	1.98	2.24	2.42
LTM Dividend per Share	0.86	0.86	0.86
(+) Excess Retained per Share	1.98	2.24	2.42
(=) Adjusted Dividend	2.84	3.10	3.28
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.88%	4.88%	5.88%
Fair Value	$48.13	$63.53	$84.26
Upside / Downside	12.07%	47.92%	96.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	241.99	253.79	266.17	279.15	292.77	307.05	316.26
Payout Ratio	24.20%	37.36%	50.52%	63.68%	76.84%	90.00%	92.50%
Projected Dividends (M)	58.56	94.82	134.47	177.76	224.96	276.34	292.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.88%	4.88%	5.88%
Year 1 PV (M)	85.38	86.20	87.02
Year 2 PV (M)	109.03	111.14	113.27
Year 3 PV (M)	129.78	133.57	137.42
Year 4 PV (M)	147.89	153.67	159.61
Year 5 PV (M)	163.58	171.61	179.95
PV of Terminal Value (M)	2,474.95	2,596.40	2,722.57
Equity Value (M)	3,110.62	3,252.58	3,399.84
Shares Outstanding (M)	68.27	68.27	68.27
Fair Value	$45.56	$47.64	$49.80
Upside / Downside	6.08%	10.92%	15.95%

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

MODEC, Inc. (6269.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener