DDM Analysis: 3324.TWO

Valuation Snapshot

Stable Growth	$1,268.11 - $4,510.43	$4,148.37
Multi-Stage	$578.97 - $633.25	$605.61
Blended Fair Value	$2,376.99
Current Price	$840.00
Upside	182.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.46%	35.07%	6.14	6.02	5.55	5.18	4.65	1.35	1.75	2.99	0.76	0.15
YoY Growth	-	-	2.08%	8.33%	7.14%	11.42%	245.56%	-23.01%	-41.61%	291.60%	400.01%	-49.67%
Dividend Yield	-	-	1.16%	0.83%	2.52%	2.53%	2.11%	1.06%	1.34%	4.04%	0.83%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,109.92
(-) Cash Dividends Paid (M)	902.63
(=) Cash Retained (M)	1,207.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	421.98	263.74	158.24
Cash Retained (M)	1,207.29	1,207.29	1,207.29
(-) Cash Required (M)	-421.98	-263.74	-158.24
(=) Excess Retained (M)	785.31	943.55	1,049.05
(/) Shares Outstanding (M)	93.03	93.03	93.03
(=) Excess Retained per Share	8.44	10.14	11.28
LTM Dividend per Share	9.70	9.70	9.70
(+) Excess Retained per Share	8.44	10.14	11.28
(=) Adjusted Dividend	18.14	19.84	20.98
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,268.11	$4,148.37	$4,510.43
Upside / Downside	50.97%	393.85%	436.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,109.92	2,247.07	2,393.13	2,548.68	2,714.34	2,890.78	2,977.50
Payout Ratio	42.78%	52.22%	61.67%	71.11%	80.56%	90.00%	92.50%
Projected Dividends (M)	902.63	1,173.51	1,475.80	1,812.42	2,186.57	2,601.70	2,754.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,086.35	1,096.65	1,106.94
Year 2 PV (M)	1,264.70	1,288.79	1,313.11
Year 3 PV (M)	1,437.81	1,479.08	1,521.14
Year 4 PV (M)	1,605.78	1,667.53	1,731.05
Year 5 PV (M)	1,768.72	1,854.15	1,942.85
PV of Terminal Value (M)	46,699.22	48,954.81	51,296.72
Equity Value (M)	53,862.58	56,341.01	58,911.82
Shares Outstanding (M)	93.03	93.03	93.03
Fair Value	$578.97	$605.61	$633.25
Upside / Downside	-31.07%	-27.90%	-24.61%

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Auras Technology Co., Ltd. (3324.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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