DDM Analysis: 6720.TWO

Valuation Snapshot

Stable Growth	$54.46 - $81.29	$67.21
Multi-Stage	$102.52 - $112.85	$107.58
Blended Fair Value	$87.40
Current Price	$127.60
Upside	-31.51%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.33	0.04	1.08	0.40	0.19	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	2,882.94%	-95.87%	166.94%	115.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.99%	0.09%	6.86%	1.12%	0.83%	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)	188.02
(-) Cash Dividends Paid (M)	39.03
(=) Cash Retained (M)	148.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.60	23.50	14.10
Cash Retained (M)	148.99	148.99	148.99
(-) Cash Required (M)	-37.60	-23.50	-14.10
(=) Excess Retained (M)	111.39	125.49	134.89
(/) Shares Outstanding (M)	28.38	28.38	28.38
(=) Excess Retained per Share	3.92	4.42	4.75
LTM Dividend per Share	1.38	1.38	1.38
(+) Excess Retained per Share	3.92	4.42	4.75
(=) Adjusted Dividend	5.30	5.80	6.13
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$54.46	$67.21	$81.29
Upside / Downside	-57.32%	-47.32%	-36.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	188.02	186.14	184.28	182.44	180.62	178.81	184.17
Payout Ratio	20.76%	34.61%	48.45%	62.30%	76.15%	90.00%	92.50%
Projected Dividends (M)	39.03	64.42	89.29	113.67	137.54	160.93	170.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	59.30	59.90	60.51
Year 2 PV (M)	75.66	77.21	78.78
Year 3 PV (M)	88.66	91.40	94.20
Year 4 PV (M)	98.75	102.84	107.06
Year 5 PV (M)	106.36	111.89	117.66
PV of Terminal Value (M)	2,480.70	2,609.88	2,744.38
Equity Value (M)	2,909.42	3,053.13	3,202.59
Shares Outstanding (M)	28.38	28.38	28.38
Fair Value	$102.52	$107.58	$112.85
Upside / Downside	-19.66%	-15.69%	-11.56%

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Major-Power Technology Co., Ltd. (6720.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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