DDM Analysis: 688617.SS

Valuation Snapshot

Stable Growth	$134.82 - $315.26	$197.97
Multi-Stage	$95.69 - $104.52	$100.03
Blended Fair Value	$149.00
Current Price	$316.73
Upside	-52.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	86.32%	0.00%	1.12	0.94	0.58	0.28	0.01	0.05	0.00	0.00	0.00	0.00
YoY Growth	-	-	19.38%	62.62%	107.89%	2,249.12%	-76.32%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.42%	0.45%	0.34%	0.27%	0.01%	0.03%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	768.31
(-) Cash Dividends Paid (M)	170.26
(=) Cash Retained (M)	598.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	153.66	96.04	57.62
Cash Retained (M)	598.05	598.05	598.05
(-) Cash Required (M)	-153.66	-96.04	-57.62
(=) Excess Retained (M)	444.39	502.01	540.43
(/) Shares Outstanding (M)	119.33	119.33	119.33
(=) Excess Retained per Share	3.72	4.21	4.53
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	3.72	4.21	4.53
(=) Adjusted Dividend	5.15	5.63	5.96
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$134.82	$197.97	$315.26
Upside / Downside	-57.43%	-37.50%	-0.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	768.31	818.25	871.44	928.08	988.40	1,052.65	1,084.23
Payout Ratio	22.16%	35.73%	49.30%	62.86%	76.43%	90.00%	92.50%
Projected Dividends (M)	170.26	292.35	429.58	583.43	755.46	947.38	1,002.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	264.40	266.91	269.41
Year 2 PV (M)	351.38	358.08	364.83
Year 3 PV (M)	431.61	444.00	456.62
Year 4 PV (M)	505.45	524.89	544.88
Year 5 PV (M)	573.27	600.96	629.71
PV of Terminal Value (M)	9,292.43	9,741.26	10,207.26
Equity Value (M)	11,418.54	11,936.08	12,472.72
Shares Outstanding (M)	119.33	119.33	119.33
Fair Value	$95.69	$100.03	$104.52
Upside / Downside	-69.79%	-68.42%	-67.00%

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APT Medical Inc. (688617.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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