DDM Analysis: 158430.KQ

Valuation Snapshot

Stable Growth	$3,514.60 - $5,264.01	$4,344.38
Multi-Stage	$6,715.78 - $7,393.46	$7,047.96
Blended Fair Value	$5,696.17
Current Price	$8,100.00
Upside	-29.68%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2012
DPS	0.00%	0.00%	87.32	18.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	370.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.68%	0.43%	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)	9,552.86
(-) Cash Dividends Paid (M)	1,968.69
(=) Cash Retained (M)	7,584.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,910.57	1,194.11	716.46
Cash Retained (M)	7,584.17	7,584.17	7,584.17
(-) Cash Required (M)	-1,910.57	-1,194.11	-716.46
(=) Excess Retained (M)	5,673.60	6,390.07	6,867.71
(/) Shares Outstanding (M)	22.62	22.62	22.62
(=) Excess Retained per Share	250.87	282.55	303.67
LTM Dividend per Share	87.05	87.05	87.05
(+) Excess Retained per Share	250.87	282.55	303.67
(=) Adjusted Dividend	337.92	369.60	390.72
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3,514.60	$4,344.38	$5,264.01
Upside / Downside	-56.61%	-46.37%	-35.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,552.86	9,457.33	9,362.76	9,269.13	9,176.44	9,084.68	9,357.22
Payout Ratio	20.61%	34.49%	48.37%	62.24%	76.12%	90.00%	92.50%
Projected Dividends (M)	1,968.69	3,261.52	4,528.30	5,769.42	6,985.26	8,176.21	8,655.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,005.49	3,036.16	3,066.83
Year 2 PV (M)	3,845.26	3,924.14	4,003.82
Year 3 PV (M)	4,514.59	4,654.21	4,796.67
Year 4 PV (M)	5,036.92	5,245.67	5,460.85
Year 5 PV (M)	5,432.87	5,715.78	6,010.34
PV of Terminal Value (M)	130,045.61	136,817.39	143,868.37
Equity Value (M)	151,880.75	159,393.34	167,206.88
Shares Outstanding (M)	22.62	22.62	22.62
Fair Value	$6,715.78	$7,047.96	$7,393.46
Upside / Downside	-17.09%	-12.99%	-8.72%

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ATON Inc. (158430.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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