DDM Analysis: 5432.TWO

Valuation Snapshot

Stable Growth	$222.30 - $262.28	$245.62
Multi-Stage	$137.63 - $152.02	$144.68
Blended Fair Value	$195.15
Current Price	$124.50
Upside	56.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	14.87%	0.00%	0.99	0.99	0.00	0.00	0.00	0.50	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.80%	0.59%	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)	29.51
(-) Cash Dividends Paid (M)	20.69
(=) Cash Retained (M)	8.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.90	3.69	2.21
Cash Retained (M)	8.82	8.82	8.82
(-) Cash Required (M)	-5.90	-3.69	-2.21
(=) Excess Retained (M)	2.92	5.13	6.61
(/) Shares Outstanding (M)	20.82	20.82	20.82
(=) Excess Retained per Share	0.14	0.25	0.32
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	0.14	0.25	0.32
(=) Adjusted Dividend	1.13	1.24	1.31
WACC / Discount Rate	-1.53%	-1.53%	-1.53%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$222.30	$245.62	$262.28
Upside / Downside	78.56%	97.29%	110.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29.51	29.22	28.92	28.63	28.35	28.06	28.91
Payout Ratio	70.10%	74.08%	78.06%	82.04%	86.02%	90.00%	92.50%
Projected Dividends (M)	20.69	21.64	22.58	23.49	24.39	25.26	26.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.53%	-1.53%	-1.53%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.76	21.98	22.20
Year 2 PV (M)	22.82	23.29	23.76
Year 3 PV (M)	23.87	24.61	25.36
Year 4 PV (M)	24.91	25.94	27.00
Year 5 PV (M)	25.94	27.29	28.69
PV of Terminal Value (M)	2,745.56	2,888.53	3,037.39
Equity Value (M)	2,864.85	3,011.63	3,164.41
Shares Outstanding (M)	20.82	20.82	20.82
Fair Value	$137.63	$144.68	$152.02
Upside / Downside	10.55%	16.21%	22.11%

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Solomon Data International Corporation (5432.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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