DDM Analysis: 5489.TWO

Valuation Snapshot

Stable Growth	$18.68 - $28.94	$23.44
Multi-Stage	$43.01 - $47.34	$45.13
Blended Fair Value	$34.28
Current Price	$49.90
Upside	-31.30%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-12.68%	0.00%	1.01	1.52	1.00	1.01	1.52	1.99	0.00	0.00	0.00	0.00
YoY Growth	-	-	-33.77%	52.17%	-0.59%	-33.64%	-23.66%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.58%	4.04%	2.64%	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)	199.48
(-) Cash Dividends Paid (M)	100.59
(=) Cash Retained (M)	98.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.90	24.94	14.96
Cash Retained (M)	98.89	98.89	98.89
(-) Cash Required (M)	-39.90	-24.94	-14.96
(=) Excess Retained (M)	59.00	73.96	83.93
(/) Shares Outstanding (M)	99.80	99.80	99.80
(=) Excess Retained per Share	0.59	0.74	0.84
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	0.59	0.74	0.84
(=) Adjusted Dividend	1.60	1.75	1.85
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.68	$23.44	$28.94
Upside / Downside	-62.56%	-53.03%	-42.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	199.48	197.49	195.51	193.56	191.62	189.70	195.40
Payout Ratio	50.42%	58.34%	66.25%	74.17%	82.08%	90.00%	92.50%
Projected Dividends (M)	100.59	115.21	129.54	143.56	157.29	170.73	180.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	107.20	108.29	109.39
Year 2 PV (M)	112.15	114.45	116.77
Year 3 PV (M)	115.64	119.22	122.87
Year 4 PV (M)	117.89	122.78	127.82
Year 5 PV (M)	119.07	125.27	131.73
PV of Terminal Value (M)	3,720.12	3,913.83	4,115.54
Equity Value (M)	4,292.07	4,503.85	4,724.11
Shares Outstanding (M)	99.80	99.80	99.80
Fair Value	$43.01	$45.13	$47.34
Upside / Downside	-13.81%	-9.56%	-5.13%

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DynaColor, Inc. (5489.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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