DDM Analysis: DJCO

Valuation Snapshot

Stable Growth	$514.19 - $746.01	$626.66
Multi-Stage	$833.59 - $917.60	$874.78
Blended Fair Value	$750.72
Current Price	$422.25
Upside	77.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.97	2.18
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	36.12%	52.57%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.23%	1.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.71
(-) Cash Dividends Paid (M)	4.06
(=) Cash Retained (M)	92.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.34	12.09	7.25
Cash Retained (M)	92.65	92.65	92.65
(-) Cash Required (M)	-19.34	-12.09	-7.25
(=) Excess Retained (M)	73.31	80.56	85.40
(/) Shares Outstanding (M)	1.38	1.38	1.38
(=) Excess Retained per Share	53.23	58.50	62.01
LTM Dividend per Share	2.95	2.95	2.95
(+) Excess Retained per Share	53.23	58.50	62.01
(=) Adjusted Dividend	56.18	61.45	64.96
WACC / Discount Rate	8.71%	8.71%	8.71%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$514.19	$626.66	$746.01
Upside / Downside	21.77%	48.41%	76.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.71	95.75	94.79	93.84	92.90	91.97	94.73
Payout Ratio	4.20%	21.36%	38.52%	55.68%	72.84%	90.00%	92.50%
Projected Dividends (M)	4.06	20.45	36.51	52.25	67.67	82.78	87.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.71%	8.71%	8.71%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18.62	18.81	19.00
Year 2 PV (M)	30.28	30.90	31.53
Year 3 PV (M)	39.45	40.67	41.92
Year 4 PV (M)	46.53	48.46	50.45
Year 5 PV (M)	51.83	54.53	57.34
PV of Terminal Value (M)	961.30	1,011.35	1,063.47
Equity Value (M)	1,148.01	1,204.73	1,263.71
Shares Outstanding (M)	1.38	1.38	1.38
Fair Value	$833.59	$874.78	$917.60
Upside / Downside	97.42%	107.17%	117.31%

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Daily Journal Corporation (DJCO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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