DDM Analysis: 603109.SS

Valuation Snapshot

Stable Growth	$88.99 - $217.95	$204.25
Multi-Stage	$31.58 - $34.58	$33.05
Blended Fair Value	$118.65
Current Price	$29.27
Upside	305.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.30%	13.11%	0.39	0.35	0.34	0.21	0.16	0.24	0.14	0.09	0.10	0.08
YoY Growth	-	-	11.81%	4.98%	62.20%	27.57%	-32.79%	73.95%	58.66%	-11.73%	31.33%	-34.36%
Dividend Yield	-	-	1.86%	2.07%	2.03%	1.04%	1.12%	1.53%	0.73%	0.00%	0.52%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	228.03
(-) Cash Dividends Paid (M)	67.96
(=) Cash Retained (M)	160.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.61	28.50	17.10
Cash Retained (M)	160.07	160.07	160.07
(-) Cash Required (M)	-45.61	-28.50	-17.10
(=) Excess Retained (M)	114.46	131.57	142.97
(/) Shares Outstanding (M)	208.08	208.08	208.08
(=) Excess Retained per Share	0.55	0.63	0.69
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.55	0.63	0.69
(=) Adjusted Dividend	0.88	0.96	1.01
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$88.99	$204.25	$217.95
Upside / Downside	204.03%	597.82%	644.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	228.03	242.86	258.64	275.45	293.36	312.43	321.80
Payout Ratio	29.80%	41.84%	53.88%	65.92%	77.96%	90.00%	92.50%
Projected Dividends (M)	67.96	101.62	139.36	181.58	228.70	281.18	297.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	94.49	95.38	96.28
Year 2 PV (M)	120.48	122.78	125.10
Year 3 PV (M)	145.97	150.16	154.43
Year 4 PV (M)	170.94	177.51	184.28
Year 5 PV (M)	195.41	204.85	214.65
PV of Terminal Value (M)	5,844.70	6,127.00	6,420.10
Equity Value (M)	6,571.99	6,877.68	7,194.83
Shares Outstanding (M)	208.08	208.08	208.08
Fair Value	$31.58	$33.05	$34.58
Upside / Downside	7.91%	12.93%	18.13%

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Sector

Senci Electric Machinery Co.,Ltd. (603109.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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