DDM Analysis: 6764.TWO

Valuation Snapshot

Stable Growth	$10.86 - $16.69	$13.57
Multi-Stage	$24.75 - $27.19	$25.94
Blended Fair Value	$19.76
Current Price	$25.55
Upside	-22.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-0.66%	0.00%	1.00	1.21	0.42	1.51	1.55	1.04	0.00	0.00	0.00	0.00
YoY Growth	-	-	-17.09%	190.52%	-72.51%	-2.62%	50.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.82%	4.71%	1.02%	1.87%	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)	44.11
(-) Cash Dividends Paid (M)	37.08
(=) Cash Retained (M)	7.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.82	5.51	3.31
Cash Retained (M)	7.03	7.03	7.03
(-) Cash Required (M)	-8.82	-5.51	-3.31
(=) Excess Retained (M)	-1.79	1.51	3.72
(/) Shares Outstanding (M)	37.01	37.01	37.01
(=) Excess Retained per Share	-0.05	0.04	0.10
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	-0.05	0.04	0.10
(=) Adjusted Dividend	0.95	1.04	1.10
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.86	$13.57	$16.69
Upside / Downside	-57.50%	-46.87%	-34.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.11	43.67	43.23	42.80	42.37	41.95	43.21
Payout Ratio	84.07%	85.25%	86.44%	87.63%	88.81%	90.00%	92.50%
Projected Dividends (M)	37.08	37.23	37.37	37.51	37.63	37.75	39.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	34.57	34.92	35.28
Year 2 PV (M)	32.22	32.88	33.55
Year 3 PV (M)	30.03	30.96	31.90
Year 4 PV (M)	27.98	29.14	30.33
Year 5 PV (M)	26.06	27.42	28.83
PV of Terminal Value (M)	764.89	804.72	846.19
Equity Value (M)	915.74	960.03	1,006.08
Shares Outstanding (M)	37.01	37.01	37.01
Fair Value	$24.75	$25.94	$27.19
Upside / Downside	-3.15%	1.54%	6.41%

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Ace Edulink Co., Ltd. (6764.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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