DDM Analysis: 7712.TWO

Valuation Snapshot

Stable Growth	$42.03 - $62.74	$51.88
Multi-Stage	$79.71 - $87.70	$83.63
Blended Fair Value	$67.75
Current Price	$120.50
Upside	-43.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	1.41	0.00	0.92	0.61	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	50.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.03%	0.00%	0.78%	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)	159.89
(-) Cash Dividends Paid (M)	44.14
(=) Cash Retained (M)	115.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.98	19.99	11.99
Cash Retained (M)	115.75	115.75	115.75
(-) Cash Required (M)	-31.98	-19.99	-11.99
(=) Excess Retained (M)	83.78	95.77	103.76
(/) Shares Outstanding (M)	31.27	31.27	31.27
(=) Excess Retained per Share	2.68	3.06	3.32
LTM Dividend per Share	1.41	1.41	1.41
(+) Excess Retained per Share	2.68	3.06	3.32
(=) Adjusted Dividend	4.09	4.47	4.73
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$42.03	$51.88	$62.74
Upside / Downside	-65.12%	-56.95%	-47.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	159.89	158.29	156.71	155.14	153.59	152.05	156.61
Payout Ratio	27.60%	40.08%	52.56%	65.04%	77.52%	90.00%	92.50%
Projected Dividends (M)	44.14	63.45	82.37	100.91	119.06	136.85	144.87

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)	58.40	59.00	59.60
Year 2 PV (M)	69.79	71.23	72.67
Year 3 PV (M)	78.70	81.14	83.62
Year 4 PV (M)	85.48	89.03	92.68
Year 5 PV (M)	90.44	95.15	100.05
PV of Terminal Value (M)	2,109.42	2,219.26	2,333.63
Equity Value (M)	2,492.24	2,614.80	2,742.25
Shares Outstanding (M)	31.27	31.27	31.27
Fair Value	$79.71	$83.63	$87.70
Upside / Downside	-33.85%	-30.60%	-27.22%

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LCII	LCI Industries	3.80%	$4.72	64.48%
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PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
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FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
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LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
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OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
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ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
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Potens (7712.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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