DDM Analysis: 8272.TWO

Valuation Snapshot

Stable Growth	$35.91 - $53.39	$44.25
Multi-Stage	$69.33 - $76.12	$72.66
Blended Fair Value	$58.45
Current Price	$78.30
Upside	-25.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	2.69	2.89	2.27	1.15	0.67	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-7.07%	27.62%	97.33%	71.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.19%	3.39%	1.74%	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)	81.46
(-) Cash Dividends Paid (M)	49.36
(=) Cash Retained (M)	32.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.29	10.18	6.11
Cash Retained (M)	32.10	32.10	32.10
(-) Cash Required (M)	-16.29	-10.18	-6.11
(=) Excess Retained (M)	15.81	21.92	25.99
(/) Shares Outstanding (M)	18.36	18.36	18.36
(=) Excess Retained per Share	0.86	1.19	1.42
LTM Dividend per Share	2.69	2.69	2.69
(+) Excess Retained per Share	0.86	1.19	1.42
(=) Adjusted Dividend	3.55	3.88	4.10
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$35.91	$44.25	$53.39
Upside / Downside	-54.14%	-43.49%	-31.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.46	80.64	79.84	79.04	78.25	77.47	79.79
Payout Ratio	60.59%	66.47%	72.36%	78.24%	84.12%	90.00%	92.50%
Projected Dividends (M)	49.36	53.61	57.77	61.84	65.82	69.72	73.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	49.28	49.78	50.28
Year 2 PV (M)	48.82	49.82	50.83
Year 3 PV (M)	48.04	49.52	51.04
Year 4 PV (M)	47.00	48.95	50.96
Year 5 PV (M)	45.77	48.15	50.63
PV of Terminal Value (M)	1,034.19	1,088.04	1,144.11
Equity Value (M)	1,273.09	1,334.26	1,397.85
Shares Outstanding (M)	18.36	18.36	18.36
Fair Value	$69.33	$72.66	$76.12
Upside / Downside	-11.46%	-7.21%	-2.78%

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Changing Information Technology Inc. (8272.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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