DDM Analysis: CCJI.L

Valuation Snapshot

Stable Growth	$4.81 - $7.39	$6.01
Multi-Stage	$5.75 - $6.31	$6.03
Blended Fair Value	$6.02
Current Price	$1.83
Upside	228.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.10%	0.00%	0.05	0.05	0.05	0.05	0.00	0.04	0.03	0.02	0.01	0.00
YoY Growth	-	-	5.94%	6.31%	3.28%	0.00%	-100.00%	42.63%	39.95%	271.99%	0.00%	0.00%
Dividend Yield	-	-	2.99%	3.10%	3.42%	2.97%	0.00%	2.53%	1.74%	1.25%	0.42%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.54
(-) Cash Dividends Paid (M)	9.30
(=) Cash Retained (M)	59.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.71	8.57	5.14
Cash Retained (M)	59.25	59.25	59.25
(-) Cash Required (M)	-13.71	-8.57	-5.14
(=) Excess Retained (M)	45.54	50.68	54.11
(/) Shares Outstanding (M)	134.73	134.73	134.73
(=) Excess Retained per Share	0.34	0.38	0.40
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.34	0.38	0.40
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	1.41%	2.41%	3.41%
Fair Value	$4.81	$6.01	$7.39
Upside / Downside	162.66%	228.36%	303.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.54	70.20	71.89	73.63	75.40	77.22	79.54
Payout Ratio	13.56%	28.85%	44.14%	59.42%	74.71%	90.00%	92.50%
Projected Dividends (M)	9.30	20.25	31.73	43.75	56.34	69.50	73.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	1.41%	2.41%	3.41%
Year 1 PV (M)	18.23	18.41	18.59
Year 2 PV (M)	25.71	26.22	26.74
Year 3 PV (M)	31.92	32.87	33.84
Year 4 PV (M)	37.00	38.48	40.00
Year 5 PV (M)	41.09	43.15	45.30
PV of Terminal Value (M)	621.37	652.62	685.11
Equity Value (M)	775.32	811.76	849.59
Shares Outstanding (M)	134.73	134.73	134.73
Fair Value	$5.75	$6.03	$6.31
Upside / Downside	214.46%	229.24%	244.58%

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CC Japan Income & Growth Trust plc (CCJI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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