DDM Analysis: 6179.TWO

Valuation Snapshot

Stable Growth	$14.76 - $23.01	$18.57
Multi-Stage	$35.37 - $38.92	$37.11
Blended Fair Value	$27.84
Current Price	$32.00
Upside	-13.01%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-15.36%	0.00%	0.27	0.00	0.80	1.16	0.54	0.62	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-31.15%	115.58%	-13.18%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.12%	0.00%	2.75%	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)	186.65
(-) Cash Dividends Paid (M)	115.59
(=) Cash Retained (M)	71.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.33	23.33	14.00
Cash Retained (M)	71.06	71.06	71.06
(-) Cash Required (M)	-37.33	-23.33	-14.00
(=) Excess Retained (M)	33.73	47.73	57.06
(/) Shares Outstanding (M)	120.59	120.59	120.59
(=) Excess Retained per Share	0.28	0.40	0.47
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	0.28	0.40	0.47
(=) Adjusted Dividend	1.24	1.35	1.43
WACC / Discount Rate	6.22%	6.22%	6.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$14.76	$18.57	$23.01
Upside / Downside	-53.87%	-41.98%	-28.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	186.65	184.78	182.94	181.11	179.30	177.50	182.83
Payout Ratio	61.93%	67.54%	73.16%	78.77%	84.39%	90.00%	92.50%
Projected Dividends (M)	115.59	124.81	133.83	142.66	151.30	159.75	169.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.22%	6.22%	6.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	116.31	117.50	118.68
Year 2 PV (M)	116.23	118.61	121.02
Year 3 PV (M)	115.46	119.03	122.68
Year 4 PV (M)	114.12	118.85	123.72
Year 5 PV (M)	112.29	118.14	124.23
PV of Terminal Value (M)	3,690.33	3,882.50	4,082.58
Equity Value (M)	4,264.74	4,474.63	4,692.92
Shares Outstanding (M)	120.59	120.59	120.59
Fair Value	$35.37	$37.11	$38.92
Upside / Downside	10.52%	15.96%	21.61%

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ATE Energy International Co., Ltd. (6179.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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