DDM Analysis: 6803.T

Valuation Snapshot

Stable Growth	$48.12 - $68.27	$58.05
Multi-Stage	$71.68 - $78.75	$75.15
Blended Fair Value	$66.60
Current Price	$90.00
Upside	-26.00%
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	0.00%	0.00%	1.01	1.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.12%	1.05%	0.00%	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)	210.00
(-) Cash Dividends Paid (M)	29.00
(=) Cash Retained (M)	181.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.00	26.25	15.75
Cash Retained (M)	181.00	181.00	181.00
(-) Cash Required (M)	-42.00	-26.25	-15.75
(=) Excess Retained (M)	139.00	154.75	165.25
(/) Shares Outstanding (M)	28.80	28.80	28.80
(=) Excess Retained per Share	4.83	5.37	5.74
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	4.83	5.37	5.74
(=) Adjusted Dividend	5.83	6.38	6.74
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$48.12	$58.05	$68.27
Upside / Downside	-46.54%	-35.50%	-24.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	210.00	207.90	205.82	203.76	201.73	199.71	205.70
Payout Ratio	13.81%	29.05%	44.29%	59.52%	74.76%	90.00%	92.50%
Projected Dividends (M)	29.00	60.39	91.15	121.29	150.81	179.74	190.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	54.41	54.96	55.52
Year 2 PV (M)	73.98	75.50	77.03
Year 3 PV (M)	88.68	91.43	94.22
Year 4 PV (M)	99.34	103.46	107.71
Year 5 PV (M)	106.66	112.22	118.00
PV of Terminal Value (M)	1,641.42	1,726.89	1,815.89
Equity Value (M)	2,064.50	2,164.46	2,268.37
Shares Outstanding (M)	28.80	28.80	28.80
Fair Value	$71.68	$75.15	$78.75
Upside / Downside	-20.36%	-16.50%	-12.50%

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Teac Corporation (6803.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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