DDM Analysis: 9562.SR

Valuation Snapshot

Stable Growth	$59.49 - $91.02	$74.23
Multi-Stage	$124.89 - $137.64	$131.14
Blended Fair Value	$102.68
Current Price	$38.00
Upside	170.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.89	0.00	0.00	3.46	0.29	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	1,100.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.53%	0.00%	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)	15.68
(-) Cash Dividends Paid (M)	2.10
(=) Cash Retained (M)	13.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.14	1.96	1.18
Cash Retained (M)	13.58	13.58	13.58
(-) Cash Required (M)	-3.14	-1.96	-1.18
(=) Excess Retained (M)	10.44	11.62	12.40
(/) Shares Outstanding (M)	2.36	2.36	2.36
(=) Excess Retained per Share	4.42	4.91	5.25
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	4.42	4.91	5.25
(=) Adjusted Dividend	5.31	5.80	6.14
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$59.49	$74.23	$91.02
Upside / Downside	56.56%	95.34%	139.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.68	15.52	15.37	15.21	15.06	14.91	15.36
Payout Ratio	13.40%	28.72%	44.04%	59.36%	74.68%	90.00%	92.50%
Projected Dividends (M)	2.10	4.46	6.77	9.03	11.25	13.42	14.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.13	4.18	4.22
Year 2 PV (M)	5.82	5.94	6.06
Year 3 PV (M)	7.20	7.43	7.65
Year 4 PV (M)	8.32	8.67	9.02
Year 5 PV (M)	9.21	9.69	10.18
PV of Terminal Value (M)	260.58	274.15	288.27
Equity Value (M)	295.26	310.04	325.41
Shares Outstanding (M)	2.36	2.36	2.36
Fair Value	$124.89	$131.14	$137.64
Upside / Downside	228.66%	245.11%	262.22%

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Foods Gate Trading Co. (9562.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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