DDM Analysis: VCV

Valuation Snapshot

Stable Growth	$6.31 - $8.62	$7.48
Multi-Stage	$21.68 - $24.01	$22.82
Blended Fair Value	$15.15
Current Price	$11.09
Upside	36.63%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-5.66%	-6.75%	0.39	0.39	0.46	0.56	0.55	0.53	0.59	0.64	0.68	0.79
YoY Growth	-	-	1.92%	-16.74%	-17.19%	2.19%	4.07%	-11.27%	-7.66%	-6.10%	-13.67%	0.18%
Dividend Yield	-	-	3.54%	3.97%	4.87%	4.77%	4.26%	4.17%	4.92%	5.41%	5.51%	5.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61.53
(-) Cash Dividends Paid (M)	37.28
(=) Cash Retained (M)	24.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.31	7.69	4.62
Cash Retained (M)	24.26	24.26	24.26
(-) Cash Required (M)	-12.31	-7.69	-4.62
(=) Excess Retained (M)	11.95	16.57	19.64
(/) Shares Outstanding (M)	47.89	47.89	47.89
(=) Excess Retained per Share	0.25	0.35	0.41
LTM Dividend per Share	0.78	0.78	0.78
(+) Excess Retained per Share	0.25	0.35	0.41
(=) Adjusted Dividend	1.03	1.12	1.19
WACC / Discount Rate	6.11%	6.11%	6.11%
Growth Rate	-8.75%	-7.75%	-6.75%
Fair Value	$6.31	$7.48	$8.62
Upside / Downside	-43.09%	-32.53%	-22.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.53	56.77	52.37	48.31	44.57	41.12	42.35
Payout Ratio	60.58%	66.46%	72.35%	78.23%	84.12%	90.00%	92.50%
Projected Dividends (M)	37.28	37.73	37.89	37.80	37.49	37.00	39.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.11%	6.11%	6.11%
Growth Rate	-8.75%	-7.75%	-6.75%
Year 1 PV (M)	35.17	35.56	35.94
Year 2 PV (M)	32.92	33.65	34.38
Year 3 PV (M)	30.61	31.63	32.67
Year 4 PV (M)	28.31	29.57	30.87
Year 5 PV (M)	26.05	27.50	29.03
PV of Terminal Value (M)	885.41	935.00	986.79
Equity Value (M)	1,038.47	1,092.91	1,149.68
Shares Outstanding (M)	47.89	47.89	47.89
Fair Value	$21.68	$22.82	$24.01
Upside / Downside	95.53%	105.78%	116.47%

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3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
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600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
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Invesco California Value Municipal Income Trust (VCV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener