DDM Analysis: AJOT.L

Valuation Snapshot

Stable Growth	$3.03 - $4.32	$3.67
Multi-Stage	$4.54 - $4.99	$4.76
Blended Fair Value	$4.21
Current Price	$1.52
Upside	177.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.02	0.02	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	12.14%	16.45%	11.37%	-0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.22%	1.30%	1.27%	1.05%	1.16%	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)	62.86
(-) Cash Dividends Paid (M)	2.32
(=) Cash Retained (M)	60.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.57	7.86	4.71
Cash Retained (M)	60.55	60.55	60.55
(-) Cash Required (M)	-12.57	-7.86	-4.71
(=) Excess Retained (M)	47.98	52.69	55.83
(/) Shares Outstanding (M)	140.05	140.05	140.05
(=) Excess Retained per Share	0.34	0.38	0.40
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.34	0.38	0.40
(=) Adjusted Dividend	0.36	0.39	0.42
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.03	$3.67	$4.32
Upside / Downside	99.54%	141.26%	184.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.86	62.24	61.61	61.00	60.39	59.78	61.58
Payout Ratio	3.68%	20.95%	38.21%	55.47%	72.74%	90.00%	92.50%
Projected Dividends (M)	2.32	13.04	23.54	33.84	43.92	53.80	56.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.77	11.89	12.01
Year 2 PV (M)	19.20	19.60	20.00
Year 3 PV (M)	24.93	25.70	26.49
Year 4 PV (M)	29.23	30.44	31.69
Year 5 PV (M)	32.33	34.02	35.77
PV of Terminal Value (M)	518.37	545.36	573.47
Equity Value (M)	635.84	667.01	699.42
Shares Outstanding (M)	140.05	140.05	140.05
Fair Value	$4.54	$4.76	$4.99
Upside / Downside	198.69%	213.34%	228.56%

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AVI Japan Opportunity Trust PLC (AJOT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener