DDM Analysis: 603171.SS

Valuation Snapshot

Stable Growth	$1.74 - $2.48	$2.10
Multi-Stage	$2.89 - $3.16	$3.02
Blended Fair Value	$2.56
Current Price	$50.83
Upside	-94.95%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	335.26%	0.00%	0.16	0.27	0.31	0.18	0.18	0.00	0.01	0.28	0.13	0.00
YoY Growth	-	-	-38.80%	-13.48%	72.75%	0.00%	170,678.34%	-98.55%	-97.41%	121.97%	0.00%	0.00%
Dividend Yield	-	-	0.36%	1.03%	0.70%	0.56%	0.93%	0.00%	0.04%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107.08
(-) Cash Dividends Paid (M)	84.94
(=) Cash Retained (M)	22.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.42	13.39	8.03
Cash Retained (M)	22.14	22.14	22.14
(-) Cash Required (M)	-21.42	-13.39	-8.03
(=) Excess Retained (M)	0.72	8.76	14.11
(/) Shares Outstanding (M)	409.04	409.04	409.04
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.74	$2.10	$2.48
Upside / Downside	-96.57%	-95.86%	-95.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107.08	106.01	104.95	103.90	102.86	101.83	104.89
Payout Ratio	79.32%	81.46%	83.59%	85.73%	87.86%	90.00%	92.50%
Projected Dividends (M)	84.94	86.35	87.73	89.07	90.38	91.65	97.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	77.87	78.67	79.46
Year 2 PV (M)	71.34	72.80	74.28
Year 3 PV (M)	65.32	67.34	69.40
Year 4 PV (M)	59.76	62.24	64.79
Year 5 PV (M)	54.65	57.49	60.46
PV of Terminal Value (M)	854.00	898.47	944.77
Equity Value (M)	1,182.94	1,237.01	1,293.16
Shares Outstanding (M)	409.04	409.04	409.04
Fair Value	$2.89	$3.02	$3.16
Upside / Downside	-94.31%	-94.05%	-93.78%

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Servyou Software Group Co., Ltd. (603171.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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