DDM Analysis: 6922.TWO

Valuation Snapshot

Stable Growth	$67.16 - $101.86	$83.48
Multi-Stage	$141.34 - $155.34	$148.20
Blended Fair Value	$115.84
Current Price	$196.00
Upside	-40.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	3.50	4.99	3.11	2.15	1.49	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-29.84%	60.68%	44.74%	43.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.12%	4.44%	2.00%	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)	201.43
(-) Cash Dividends Paid (M)	123.48
(=) Cash Retained (M)	77.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.29	25.18	15.11
Cash Retained (M)	77.95	77.95	77.95
(-) Cash Required (M)	-40.29	-25.18	-15.11
(=) Excess Retained (M)	37.66	52.77	62.84
(/) Shares Outstanding (M)	26.10	26.10	26.10
(=) Excess Retained per Share	1.44	2.02	2.41
LTM Dividend per Share	4.73	4.73	4.73
(+) Excess Retained per Share	1.44	2.02	2.41
(=) Adjusted Dividend	6.17	6.75	7.14
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$67.16	$83.48	$101.86
Upside / Downside	-65.73%	-57.41%	-48.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	201.43	199.41	197.42	195.45	193.49	191.56	197.30
Payout Ratio	61.30%	67.04%	72.78%	78.52%	84.26%	90.00%	92.50%
Projected Dividends (M)	123.48	133.69	143.69	153.47	163.04	172.40	182.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	123.67	124.94	126.20
Year 2 PV (M)	122.96	125.48	128.03
Year 3 PV (M)	121.49	125.25	129.08
Year 4 PV (M)	119.40	124.34	129.45
Year 5 PV (M)	116.79	122.88	129.21
PV of Terminal Value (M)	3,085.07	3,245.72	3,412.99
Equity Value (M)	3,689.38	3,868.60	4,054.95
Shares Outstanding (M)	26.10	26.10	26.10
Fair Value	$141.34	$148.20	$155.34
Upside / Downside	-27.89%	-24.39%	-20.74%

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Neousys Technology Inc. (6922.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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