DDM Analysis: 3260.TWO

Valuation Snapshot

Stable Growth	$460.06 - $2,210.12	$996.96
Multi-Stage	$249.96 - $273.19	$261.36
Blended Fair Value	$629.16
Current Price	$157.00
Upside	300.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	82.28%	-5.82%	2.81	1.69	4.55	2.59	1.00	0.14	4.19	2.79	0.34	1.80
YoY Growth	-	-	66.64%	-62.93%	75.90%	159.74%	613.06%	-96.67%	50.39%	713.45%	-80.91%	-64.95%
Dividend Yield	-	-	3.31%	1.70%	5.95%	3.18%	1.21%	0.35%	10.77%	3.83%	0.46%	5.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,468.56
(-) Cash Dividends Paid (M)	1,619.43
(=) Cash Retained (M)	1,849.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	693.71	433.57	260.14
Cash Retained (M)	1,849.13	1,849.13	1,849.13
(-) Cash Required (M)	-693.71	-433.57	-260.14
(=) Excess Retained (M)	1,155.42	1,415.56	1,588.99
(/) Shares Outstanding (M)	312.11	312.11	312.11
(=) Excess Retained per Share	3.70	4.54	5.09
LTM Dividend per Share	5.19	5.19	5.19
(+) Excess Retained per Share	3.70	4.54	5.09
(=) Adjusted Dividend	8.89	9.72	10.28
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$460.06	$996.96	$2,210.12
Upside / Downside	193.03%	535.00%	1,307.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,468.56	3,694.02	3,934.13	4,189.85	4,462.19	4,752.23	4,894.79
Payout Ratio	46.69%	55.35%	64.01%	72.68%	81.34%	90.00%	92.50%
Projected Dividends (M)	1,619.43	2,044.67	2,518.36	3,044.99	3,629.44	4,277.01	4,527.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,883.48	1,901.34	1,919.19
Year 2 PV (M)	2,136.95	2,177.65	2,218.74
Year 3 PV (M)	2,380.12	2,448.45	2,518.07
Year 4 PV (M)	2,613.31	2,713.81	2,817.18
Year 5 PV (M)	2,836.80	2,973.82	3,116.08
PV of Terminal Value (M)	66,164.90	69,360.69	72,678.79
Equity Value (M)	78,015.57	81,575.76	85,268.05
Shares Outstanding (M)	312.11	312.11	312.11
Fair Value	$249.96	$261.36	$273.19
Upside / Downside	59.21%	66.47%	74.01%

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WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
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ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
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LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
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PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
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CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
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NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
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ADATA Technology Co., Ltd. (3260.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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