DDM Analysis: 688122.SS

Valuation Snapshot

Stable Growth	$33.44 - $100.90	$53.11
Multi-Stage	$21.84 - $23.88	$22.84
Blended Fair Value	$37.98
Current Price	$65.09
Upside	-41.66%
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	26.65%	26.84%	0.79	0.82	0.80	0.34	0.28	0.24	0.26	0.25	0.22	0.20
YoY Growth	-	-	-2.87%	2.68%	133.52%	22.58%	14.13%	-4.87%	4.22%	10.68%	9.79%	174.53%
Dividend Yield	-	-	1.71%	2.12%	1.37%	0.55%	0.77%	1.10%	0.65%	0.63%	0.56%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	846.79
(-) Cash Dividends Paid (M)	108.17
(=) Cash Retained (M)	738.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.36	105.85	63.51
Cash Retained (M)	738.62	738.62	738.62
(-) Cash Required (M)	-169.36	-105.85	-63.51
(=) Excess Retained (M)	569.26	632.77	675.11
(/) Shares Outstanding (M)	651.23	651.23	651.23
(=) Excess Retained per Share	0.87	0.97	1.04
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.87	0.97	1.04
(=) Adjusted Dividend	1.04	1.14	1.20
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.44	$53.11	$100.90
Upside / Downside	-48.62%	-18.40%	55.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	846.79	901.83	960.45	1,022.87	1,089.36	1,160.17	1,194.98
Payout Ratio	12.77%	28.22%	43.66%	59.11%	74.55%	90.00%	92.50%
Projected Dividends (M)	108.17	254.49	419.37	604.62	812.17	1,044.15	1,105.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	231.75	233.94	236.14
Year 2 PV (M)	347.77	354.40	361.08
Year 3 PV (M)	456.59	469.69	483.05
Year 4 PV (M)	558.52	580.00	602.09
Year 5 PV (M)	653.89	685.47	718.26
PV of Terminal Value (M)	11,972.99	12,551.29	13,151.73
Equity Value (M)	14,221.51	14,874.80	15,552.36
Shares Outstanding (M)	651.23	651.23	651.23
Fair Value	$21.84	$22.84	$23.88
Upside / Downside	-66.45%	-64.91%	-63.31%

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Western Superconducting Technologies Co., Ltd. (688122.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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