DDM Analysis: 7556.TWO

Valuation Snapshot

Stable Growth	$500.29 - $1,385.71	$1,298.61
Multi-Stage	$194.88 - $213.22	$203.88
Blended Fair Value	$751.25
Current Price	$166.00
Upside	352.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.20%	0.00%	2.26	2.58	1.98	1.69	1.39	1.39	1.13	0.00	0.50	0.00
YoY Growth	-	-	-12.50%	30.00%	17.71%	21.38%	0.00%	23.33%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	1.58%	2.04%	2.25%	1.82%	1.02%	2.39%	1.52%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	185.62
(-) Cash Dividends Paid (M)	80.82
(=) Cash Retained (M)	104.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.12	23.20	13.92
Cash Retained (M)	104.80	104.80	104.80
(-) Cash Required (M)	-37.12	-23.20	-13.92
(=) Excess Retained (M)	67.68	81.60	90.88
(/) Shares Outstanding (M)	26.64	26.64	26.64
(=) Excess Retained per Share	2.54	3.06	3.41
LTM Dividend per Share	3.03	3.03	3.03
(+) Excess Retained per Share	2.54	3.06	3.41
(=) Adjusted Dividend	5.57	6.10	6.45
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$500.29	$1,298.61	$1,385.71
Upside / Downside	201.38%	682.30%	734.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	185.62	197.69	210.54	224.22	238.80	254.32	261.95
Payout Ratio	43.54%	52.83%	62.12%	71.42%	80.71%	90.00%	92.50%
Projected Dividends (M)	80.82	104.44	130.80	160.13	192.73	228.89	242.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	96.99	97.91	98.83
Year 2 PV (M)	112.79	114.94	117.11
Year 3 PV (M)	128.23	131.91	135.66
Year 4 PV (M)	143.32	148.83	154.50
Year 5 PV (M)	158.06	165.69	173.62
PV of Terminal Value (M)	4,552.33	4,772.21	5,000.50
Equity Value (M)	5,191.71	5,431.49	5,680.22
Shares Outstanding (M)	26.64	26.64	26.64
Fair Value	$194.88	$203.88	$213.22
Upside / Downside	17.40%	22.82%	28.45%

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Financial Statements

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Yeedex Electronic Corporation (7556.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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