DDM Analysis: 6846.TWO

Valuation Snapshot

Stable Growth	$105.79 - $252.66	$156.45
Multi-Stage	$97.11 - $106.09	$101.52
Blended Fair Value	$128.98
Current Price	$78.30
Upside	64.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	57.24%	0.00%	3.29	3.33	7.00	1.69	1.05	0.34	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.36%	-52.44%	314.47%	61.00%	207.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.13%	4.17%	6.20%	2.04%	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)	143.39
(-) Cash Dividends Paid (M)	97.14
(=) Cash Retained (M)	46.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.68	17.92	10.75
Cash Retained (M)	46.25	46.25	46.25
(-) Cash Required (M)	-28.68	-17.92	-10.75
(=) Excess Retained (M)	17.57	28.32	35.49
(/) Shares Outstanding (M)	28.58	28.58	28.58
(=) Excess Retained per Share	0.61	0.99	1.24
LTM Dividend per Share	3.40	3.40	3.40
(+) Excess Retained per Share	0.61	0.99	1.24
(=) Adjusted Dividend	4.01	4.39	4.64
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	4.08%	5.08%	6.08%
Fair Value	$105.79	$156.45	$252.66
Upside / Downside	35.11%	99.80%	222.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	143.39	150.67	158.31	166.35	174.79	183.67	189.18
Payout Ratio	67.75%	72.20%	76.65%	81.10%	85.55%	90.00%	92.50%
Projected Dividends (M)	97.14	108.78	121.34	134.91	149.53	165.30	174.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	4.08%	5.08%	6.08%
Year 1 PV (M)	99.74	100.70	101.66
Year 2 PV (M)	102.02	103.99	105.98
Year 3 PV (M)	104.00	107.02	110.11
Year 4 PV (M)	105.69	109.81	114.05
Year 5 PV (M)	107.13	112.37	117.82
PV of Terminal Value (M)	2,257.13	2,367.67	2,482.50
Equity Value (M)	2,775.70	2,901.57	3,032.12
Shares Outstanding (M)	28.58	28.58	28.58
Fair Value	$97.11	$101.52	$106.09
Upside / Downside	24.03%	29.65%	35.49%

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Greenyn Biotechnology Co., Ltd (6846.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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