DDM Analysis: 2440.T

Valuation Snapshot

Stable Growth	$3.12 - $3.94	$3.56
Multi-Stage	$5.86 - $6.49	$6.17
Blended Fair Value	$4.86
Current Price	$221.00
Upside	-97.80%
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	-19.90%	-20.16%	1.91	2.70	0.83	0.00	3.31	5.79	22.28	36.29	36.14	27.32
YoY Growth	-	-	-29.41%	225.80%	21,541.47%	-99.88%	-42.79%	-74.01%	-38.61%	0.41%	32.28%	50.70%
Dividend Yield	-	-	0.75%	0.88%	0.24%	0.00%	0.61%	0.78%	3.31%	4.00%	1.98%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.08
(-) Cash Dividends Paid (M)	54.00
(=) Cash Retained (M)	38.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.42	11.51	6.91
Cash Retained (M)	38.08	38.08	38.08
(-) Cash Required (M)	-18.42	-11.51	-6.91
(=) Excess Retained (M)	19.66	26.57	31.17
(/) Shares Outstanding (M)	56.57	56.57	56.57
(=) Excess Retained per Share	0.35	0.47	0.55
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	0.35	0.47	0.55
(=) Adjusted Dividend	1.30	1.42	1.51
WACC / Discount Rate	10.73%	10.73%	10.73%
Growth Rate	-21.90%	-20.90%	-19.90%
Fair Value	$3.12	$3.56	$3.94
Upside / Downside	-98.59%	-98.39%	-98.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.08	72.84	57.61	45.57	36.05	28.52	29.37
Payout Ratio	58.64%	64.92%	71.19%	77.46%	83.73%	90.00%	92.50%
Projected Dividends (M)	54.00	47.28	41.01	35.30	30.18	25.66	27.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.73%	10.73%	10.73%
Growth Rate	-21.90%	-20.90%	-19.90%
Year 1 PV (M)	42.16	42.70	43.24
Year 2 PV (M)	32.61	33.45	34.30
Year 3 PV (M)	25.03	26.00	27.00
Year 4 PV (M)	19.08	20.08	21.11
Year 5 PV (M)	14.47	15.42	16.42
PV of Terminal Value (M)	198.15	211.16	224.85
Equity Value (M)	331.49	348.81	366.92
Shares Outstanding (M)	56.57	56.57	56.57
Fair Value	$5.86	$6.17	$6.49
Upside / Downside	-97.35%	-97.21%	-97.07%

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Gurunavi, Inc. (2440.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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