DDM Analysis: 9753.T

Valuation Snapshot

Stable Growth	$3,315.06 - $8,084.70	$4,936.22
Multi-Stage	$3,197.11 - $3,505.96	$3,348.64
Blended Fair Value	$4,142.43
Current Price	$1,525.00
Upside	171.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	7.58%	0.00%	29.87	30.18	20.54	15.67	15.59	20.73	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.04%	46.96%	31.09%	0.51%	-24.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.68%	2.69%	1.96%	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)	1,482.11
(-) Cash Dividends Paid (M)	142.42
(=) Cash Retained (M)	1,339.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	296.42	185.26	111.16
Cash Retained (M)	1,339.69	1,339.69	1,339.69
(-) Cash Required (M)	-296.42	-185.26	-111.16
(=) Excess Retained (M)	1,043.27	1,154.42	1,228.53
(/) Shares Outstanding (M)	9.57	9.57	9.57
(=) Excess Retained per Share	109.07	120.69	128.43
LTM Dividend per Share	14.89	14.89	14.89
(+) Excess Retained per Share	109.07	120.69	128.43
(=) Adjusted Dividend	123.96	135.58	143.32
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	3.51%	4.51%	5.51%
Fair Value	$3,315.06	$4,936.22	$8,084.70
Upside / Downside	117.38%	223.69%	430.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,482.11	1,548.99	1,618.89	1,691.94	1,768.28	1,848.07	1,903.52
Payout Ratio	9.61%	25.69%	41.77%	57.84%	73.92%	90.00%	92.50%
Projected Dividends (M)	142.42	397.90	676.14	978.68	1,307.15	1,663.27	1,760.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	3.51%	4.51%	5.51%
Year 1 PV (M)	366.99	370.54	374.09
Year 2 PV (M)	575.19	586.36	597.64
Year 3 PV (M)	767.91	790.38	813.28
Year 4 PV (M)	945.98	983.07	1,021.24
Year 5 PV (M)	1,110.22	1,164.89	1,221.70
PV of Terminal Value (M)	26,815.47	28,136.02	29,508.08
Equity Value (M)	30,581.77	32,031.26	33,536.03
Shares Outstanding (M)	9.57	9.57	9.57
Fair Value	$3,197.11	$3,348.64	$3,505.96
Upside / Downside	109.65%	119.58%	129.90%

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IX Knowledge Incorporated (9753.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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