DDM Analysis: 5493.TWO

Valuation Snapshot

Stable Growth	$308.48 - $855.02	$801.28
Multi-Stage	$121.40 - $132.76	$126.98
Blended Fair Value	$464.13
Current Price	$79.40
Upside	484.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.91%	-5.41%	2.48	2.67	2.95	1.88	2.53	1.77	1.62	2.03	2.23	1.42
YoY Growth	-	-	-7.14%	-9.68%	57.11%	-25.81%	42.86%	9.37%	-20.00%	-9.09%	56.93%	-67.09%
Dividend Yield	-	-	3.15%	3.19%	5.87%	3.94%	6.38%	4.60%	5.40%	7.40%	6.88%	4.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.87
(-) Cash Dividends Paid (M)	108.18
(=) Cash Retained (M)	79.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.57	23.48	14.09
Cash Retained (M)	79.69	79.69	79.69
(-) Cash Required (M)	-37.57	-23.48	-14.09
(=) Excess Retained (M)	42.12	56.21	65.60
(/) Shares Outstanding (M)	43.70	43.70	43.70
(=) Excess Retained per Share	0.96	1.29	1.50
LTM Dividend per Share	2.48	2.48	2.48
(+) Excess Retained per Share	0.96	1.29	1.50
(=) Adjusted Dividend	3.44	3.76	3.98
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$308.48	$801.28	$855.02
Upside / Downside	288.51%	909.17%	976.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.87	200.09	213.09	226.94	241.69	257.40	265.13
Payout Ratio	57.58%	64.07%	70.55%	77.03%	83.52%	90.00%	92.50%
Projected Dividends (M)	108.18	128.19	150.34	174.82	201.85	231.66	245.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	119.04	120.16	121.29
Year 2 PV (M)	129.64	132.11	134.60
Year 3 PV (M)	139.99	144.01	148.10
Year 4 PV (M)	150.10	155.87	161.81
Year 5 PV (M)	159.97	167.69	175.72
PV of Terminal Value (M)	4,606.37	4,828.86	5,059.87
Equity Value (M)	5,305.10	5,548.71	5,801.39
Shares Outstanding (M)	43.70	43.70	43.70
Fair Value	$121.40	$126.98	$132.76
Upside / Downside	52.90%	59.92%	67.20%

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Sanlien Technology Corp. (5493.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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