DDM Analysis: 7036.T

Valuation Snapshot

Stable Growth	$296.60 - $453.82	$370.07
Multi-Stage	$669.07 - $734.51	$701.15
Blended Fair Value	$535.61
Current Price	$985.00
Upside	-45.62%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	24.48%	0.00%	31.80	31.62	26.66	17.04	10.77	10.64	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.55%	18.60%	56.45%	58.17%	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.44%	2.91%	1.90%	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)	128.14
(-) Cash Dividends Paid (M)	123.00
(=) Cash Retained (M)	5.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.63	16.02	9.61
Cash Retained (M)	5.14	5.14	5.14
(-) Cash Required (M)	-25.63	-16.02	-9.61
(=) Excess Retained (M)	-20.49	-10.88	-4.47
(/) Shares Outstanding (M)	3.88	3.88	3.88
(=) Excess Retained per Share	-5.29	-2.81	-1.15
LTM Dividend per Share	31.73	31.73	31.73
(+) Excess Retained per Share	-5.29	-2.81	-1.15
(=) Adjusted Dividend	26.45	28.93	30.58
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$296.60	$370.07	$453.82
Upside / Downside	-69.89%	-62.43%	-53.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	128.14	126.86	125.59	124.33	123.09	121.86	125.51
Payout Ratio	95.99%	94.79%	93.59%	92.40%	91.20%	90.00%	92.50%
Projected Dividends (M)	123.00	120.25	117.54	114.88	112.25	109.67	116.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	111.52	112.66	113.80
Year 2 PV (M)	101.10	103.17	105.27
Year 3 PV (M)	91.63	94.47	97.36
Year 4 PV (M)	83.04	86.48	90.03
Year 5 PV (M)	75.24	79.16	83.24
PV of Terminal Value (M)	2,130.91	2,241.87	2,357.41
Equity Value (M)	2,593.44	2,717.81	2,847.10
Shares Outstanding (M)	3.88	3.88	3.88
Fair Value	$669.07	$701.15	$734.51
Upside / Downside	-32.07%	-28.82%	-25.43%

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eMnet Japan.co.ltd. (7036.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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