DDM Analysis: 8440.TWO

Valuation Snapshot

Stable Growth	$3.34 - $7.31	$4.79
Multi-Stage	$7.04 - $7.74	$7.38
Blended Fair Value	$6.09
Current Price	$25.45
Upside	-76.08%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.69%	0.00%	0.13	0.30	0.45	0.23	0.30	0.38	0.00	0.00	0.00	0.00
YoY Growth	-	-	-58.25%	-33.33%	100.00%	-25.00%	-20.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.39%	1.11%	1.41%	0.48%	2.69%	4.87%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.05
(-) Cash Dividends Paid (M)	7.34
(=) Cash Retained (M)	1.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.81	1.13	0.68
Cash Retained (M)	1.71	1.71	1.71
(-) Cash Required (M)	-1.81	-1.13	-0.68
(=) Excess Retained (M)	-0.10	0.58	1.03
(/) Shares Outstanding (M)	50.48	50.48	50.48
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	5.18%	5.18%	5.18%
Growth Rate	0.84%	1.84%	2.84%
Fair Value	$3.34	$4.79	$7.31
Upside / Downside	-86.88%	-81.17%	-71.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.05	9.22	9.39	9.56	9.74	9.92	10.22
Payout Ratio	81.09%	82.87%	84.65%	86.44%	88.22%	90.00%	92.50%
Projected Dividends (M)	7.34	7.64	7.95	8.27	8.59	8.93	9.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.18%	5.18%	5.18%
Growth Rate	0.84%	1.84%	2.84%
Year 1 PV (M)	7.19	7.27	7.34
Year 2 PV (M)	7.05	7.19	7.33
Year 3 PV (M)	6.90	7.10	7.32
Year 4 PV (M)	6.75	7.02	7.30
Year 5 PV (M)	6.60	6.94	7.28
PV of Terminal Value (M)	320.95	337.18	354.07
Equity Value (M)	355.44	372.70	390.63
Shares Outstanding (M)	50.48	50.48	50.48
Fair Value	$7.04	$7.38	$7.74
Upside / Downside	-72.33%	-70.99%	-69.59%

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E&E Recycling,Inc. (8440.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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