DDM Analysis: YHNF.TA

Valuation Snapshot

Stable Growth	$261.70 - $574.35	$376.06
Multi-Stage	$340.48 - $373.31	$356.59
Blended Fair Value	$366.33
Current Price	$308.50
Upside	18.74%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.31%	0.00%	10.02	4.14	6.90	4.28	1.59	8.11	1.70	1.73	0.35	0.00
YoY Growth	-	-	141.78%	-40.00%	61.42%	169.27%	-80.42%	378.51%	-1.82%	400.00%	0.00%	0.00%
Dividend Yield	-	-	4.25%	2.28%	4.18%	2.04%	0.87%	5.78%	0.89%	0.90%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	200.06
(-) Cash Dividends Paid (M)	105.04
(=) Cash Retained (M)	95.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.01	25.01	15.00
Cash Retained (M)	95.02	95.02	95.02
(-) Cash Required (M)	-40.01	-25.01	-15.00
(=) Excess Retained (M)	55.01	70.02	80.02
(/) Shares Outstanding (M)	14.48	14.48	14.48
(=) Excess Retained per Share	3.80	4.84	5.53
LTM Dividend per Share	7.25	7.25	7.25
(+) Excess Retained per Share	3.80	4.84	5.53
(=) Adjusted Dividend	11.05	12.09	12.78
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	2.31%	3.31%	4.31%
Fair Value	$261.70	$376.06	$574.35
Upside / Downside	-15.17%	21.90%	86.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	200.06	206.68	213.51	220.57	227.87	235.41	242.47
Payout Ratio	52.50%	60.00%	67.50%	75.00%	82.50%	90.00%	92.50%
Projected Dividends (M)	105.04	124.01	144.12	165.43	187.99	211.86	224.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	2.31%	3.31%	4.31%
Year 1 PV (M)	115.18	116.30	117.43
Year 2 PV (M)	124.32	126.76	129.23
Year 3 PV (M)	132.54	136.46	140.46
Year 4 PV (M)	139.88	145.43	151.14
Year 5 PV (M)	146.41	153.71	161.29
PV of Terminal Value (M)	4,271.95	4,484.85	4,706.15
Equity Value (M)	4,930.27	5,163.51	5,405.71
Shares Outstanding (M)	14.48	14.48	14.48
Fair Value	$340.48	$356.59	$373.31
Upside / Downside	10.37%	15.59%	21.01%

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M.Yochananof and Sons (1988) Ltd (YHNF.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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