DDM Analysis: 2440.T

Valuation Snapshot

Stable Growth	$3.36 - $4.27	$3.85
Multi-Stage	$8.10 - $9.02	$8.55
Blended Fair Value	$6.20
Current Price	$221.00
Upside	-97.20%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-19.90%	-20.16%	1.91	2.70	0.83	0.00	3.31	5.79	22.28	36.29	36.14	27.32
YoY Growth	-	-	-29.41%	225.80%	21,541.47%	-99.88%	-42.79%	-74.01%	-38.61%	0.41%	32.28%	50.70%
Dividend Yield	-	-	0.75%	0.88%	0.24%	0.00%	0.61%	0.78%	3.31%	4.00%	1.98%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.08
(-) Cash Dividends Paid (M)	54.00
(=) Cash Retained (M)	38.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.42	11.51	6.91
Cash Retained (M)	38.08	38.08	38.08
(-) Cash Required (M)	-18.42	-11.51	-6.91
(=) Excess Retained (M)	19.66	26.57	31.17
(/) Shares Outstanding (M)	56.57	56.57	56.57
(=) Excess Retained per Share	0.35	0.47	0.55
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	0.35	0.47	0.55
(=) Adjusted Dividend	1.30	1.42	1.51
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	-21.90%	-20.90%	-19.90%
Fair Value	$3.36	$3.85	$4.27
Upside / Downside	-98.48%	-98.26%	-98.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.08	72.84	57.61	45.57	36.05	28.52	29.37
Payout Ratio	58.64%	64.92%	71.19%	77.46%	83.73%	90.00%	92.50%
Projected Dividends (M)	54.00	47.28	41.01	35.30	30.18	25.66	27.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	-21.90%	-20.90%	-19.90%
Year 1 PV (M)	43.08	43.63	44.18
Year 2 PV (M)	34.04	34.92	35.81
Year 3 PV (M)	26.70	27.73	28.80
Year 4 PV (M)	20.80	21.88	23.01
Year 5 PV (M)	16.11	17.17	18.28
PV of Terminal Value (M)	317.34	338.18	360.10
Equity Value (M)	458.06	483.51	510.18
Shares Outstanding (M)	56.57	56.57	56.57
Fair Value	$8.10	$8.55	$9.02
Upside / Downside	-96.34%	-96.13%	-95.92%

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Gurunavi, Inc. (2440.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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