DDM Analysis: 6527.TWO

Valuation Snapshot

Stable Growth	$127.46 - $348.33	$196.68
Multi-Stage	$123.07 - $134.79	$128.82
Blended Fair Value	$162.75
Current Price	$85.80
Upside	89.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	7.54%	0.00%	2.03	2.20	1.80	1.30	2.40	1.41	0.00	0.00	0.00	0.00
YoY Growth	-	-	-7.87%	22.61%	38.57%	-46.03%	70.28%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.47%	2.63%	2.55%	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)	139.27
(-) Cash Dividends Paid (M)	57.02
(=) Cash Retained (M)	82.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.85	17.41	10.45
Cash Retained (M)	82.26	82.26	82.26
(-) Cash Required (M)	-27.85	-17.41	-10.45
(=) Excess Retained (M)	54.40	64.85	71.81
(/) Shares Outstanding (M)	25.75	25.75	25.75
(=) Excess Retained per Share	2.11	2.52	2.79
LTM Dividend per Share	2.21	2.21	2.21
(+) Excess Retained per Share	2.11	2.52	2.79
(=) Adjusted Dividend	4.33	4.73	5.00
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.60%	4.60%	5.60%
Fair Value	$127.46	$196.68	$348.33
Upside / Downside	48.55%	129.23%	305.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	139.27	145.68	152.37	159.38	166.71	174.37	179.60
Payout Ratio	40.94%	50.75%	60.56%	70.38%	80.19%	90.00%	92.50%
Projected Dividends (M)	57.02	73.93	92.28	112.16	133.68	156.93	166.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.60%	4.60%	5.60%
Year 1 PV (M)	68.36	69.02	69.68
Year 2 PV (M)	78.90	80.43	81.98
Year 3 PV (M)	88.68	91.27	93.91
Year 4 PV (M)	97.72	101.55	105.49
Year 5 PV (M)	106.08	111.30	116.72
PV of Terminal Value (M)	2,729.76	2,864.08	3,003.63
Equity Value (M)	3,169.50	3,317.65	3,471.41
Shares Outstanding (M)	25.75	25.75	25.75
Fair Value	$123.07	$128.82	$134.79
Upside / Downside	43.44%	50.14%	57.10%

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Crystalvue Medical Corporation (6527.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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