DDM Analysis: 6843.TWO

Valuation Snapshot

Stable Growth	$37.71 - $73.91	$52.02
Multi-Stage	$58.18 - $63.76	$60.92
Blended Fair Value	$56.47
Current Price	$59.40
Upside	-4.93%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	25.04%	0.00%	2.48	2.48	1.76	1.70	0.81	0.81	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	40.63%	3.50%	110.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.68%	4.26%	2.22%	3.31%	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)	78.36
(-) Cash Dividends Paid (M)	66.61
(=) Cash Retained (M)	11.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.67	9.79	5.88
Cash Retained (M)	11.75	11.75	11.75
(-) Cash Required (M)	-15.67	-9.79	-5.88
(=) Excess Retained (M)	-3.92	1.95	5.87
(/) Shares Outstanding (M)	33.61	33.61	33.61
(=) Excess Retained per Share	-0.12	0.06	0.17
LTM Dividend per Share	1.98	1.98	1.98
(+) Excess Retained per Share	-0.12	0.06	0.17
(=) Adjusted Dividend	1.86	2.04	2.16
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.52%	2.52%	3.52%
Fair Value	$37.71	$52.02	$73.91
Upside / Downside	-36.51%	-12.43%	24.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78.36	80.33	82.35	84.43	86.56	88.74	91.40
Payout Ratio	85.01%	86.00%	87.00%	88.00%	89.00%	90.00%	92.50%
Projected Dividends (M)	66.61	69.09	71.65	74.30	77.04	79.86	84.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.52%	2.52%	3.52%
Year 1 PV (M)	64.22	64.85	65.48
Year 2 PV (M)	61.90	63.13	64.36
Year 3 PV (M)	59.66	61.44	63.26
Year 4 PV (M)	57.49	59.79	62.16
Year 5 PV (M)	55.40	58.18	61.08
PV of Terminal Value (M)	1,657.00	1,740.23	1,826.78
Equity Value (M)	1,955.67	2,047.63	2,143.12
Shares Outstanding (M)	33.61	33.61	33.61
Fair Value	$58.18	$60.92	$63.76
Upside / Downside	-2.05%	2.56%	7.34%

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JDV Control Valves Co., Ltd. (6843.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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