DDM Analysis: 6825.TWO

Valuation Snapshot

Stable Growth	$25.39 - $36.30	$30.74
Multi-Stage	$38.48 - $42.34	$40.37
Blended Fair Value	$35.56
Current Price	$32.37
Upside	9.85%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.05	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-28.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.20%	0.25%	0.00%	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)	100.87
(-) Cash Dividends Paid (M)	3.26
(=) Cash Retained (M)	97.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.17	12.61	7.56
Cash Retained (M)	97.61	97.61	97.61
(-) Cash Required (M)	-20.17	-12.61	-7.56
(=) Excess Retained (M)	77.44	85.00	90.05
(/) Shares Outstanding (M)	27.22	27.22	27.22
(=) Excess Retained per Share	2.85	3.12	3.31
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	2.85	3.12	3.31
(=) Adjusted Dividend	2.96	3.24	3.43
WACC / Discount Rate	9.44%	9.44%	9.44%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$25.39	$30.74	$36.30
Upside / Downside	-21.56%	-5.03%	12.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	100.87	99.86	98.86	97.87	96.89	95.92	98.80
Payout Ratio	3.23%	20.58%	37.94%	55.29%	72.65%	90.00%	92.50%
Projected Dividends (M)	3.26	20.55	37.50	54.11	70.39	86.33	91.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.44%	9.44%	9.44%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18.59	18.78	18.97
Year 2 PV (M)	30.68	31.31	31.95
Year 3 PV (M)	40.04	41.28	42.54
Year 4 PV (M)	47.11	49.06	51.07
Year 5 PV (M)	52.26	54.98	57.82
PV of Terminal Value (M)	858.73	903.45	950.01
Equity Value (M)	1,047.41	1,098.86	1,152.35
Shares Outstanding (M)	27.22	27.22	27.22
Fair Value	$38.48	$40.37	$42.34
Upside / Downside	18.89%	24.73%	30.80%

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Qbic Technology Co., Ltd. (6825.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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