DDM Analysis: 5438.TWO

Valuation Snapshot

Stable Growth	$10.92 - $16.97	$13.72
Multi-Stage	$26.12 - $28.72	$27.40
Blended Fair Value	$20.56
Current Price	$29.30
Upside	-29.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.70	0.71	0.57	0.14	0.62	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.96%	24.39%	309.99%	-77.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.25%	3.88%	3.08%	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)	92.97
(-) Cash Dividends Paid (M)	73.15
(=) Cash Retained (M)	19.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.59	11.62	6.97
Cash Retained (M)	19.82	19.82	19.82
(-) Cash Required (M)	-18.59	-11.62	-6.97
(=) Excess Retained (M)	1.23	8.20	12.85
(/) Shares Outstanding (M)	80.49	80.49	80.49
(=) Excess Retained per Share	0.02	0.10	0.16
LTM Dividend per Share	0.91	0.91	0.91
(+) Excess Retained per Share	0.02	0.10	0.16
(=) Adjusted Dividend	0.92	1.01	1.07
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.92	$13.72	$16.97
Upside / Downside	-62.74%	-53.19%	-42.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.97	92.04	91.12	90.21	89.31	88.41	91.07
Payout Ratio	78.68%	80.94%	83.21%	85.47%	87.74%	90.00%	92.50%
Projected Dividends (M)	73.15	74.50	75.82	77.10	78.35	79.57	84.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	69.38	70.09	70.80
Year 2 PV (M)	65.76	67.10	68.47
Year 3 PV (M)	62.27	64.20	66.16
Year 4 PV (M)	58.93	61.38	63.89
Year 5 PV (M)	55.74	58.64	61.66
PV of Terminal Value (M)	1,790.41	1,883.64	1,980.71
Equity Value (M)	2,102.49	2,205.05	2,311.70
Shares Outstanding (M)	80.49	80.49	80.49
Fair Value	$26.12	$27.40	$28.72
Upside / Downside	-10.84%	-6.50%	-1.97%

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Teco Image Systems Co., Ltd. (5438.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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