DDM Analysis: 688588.SS

Valuation Snapshot

Stable Growth	$6.47 - $19.74	$10.31
Multi-Stage	$4.19 - $4.58	$4.38
Blended Fair Value	$7.34
Current Price	$18.61
Upside	-60.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.23%	23.46%	0.22	0.21	0.21	0.21	0.21	0.19	0.09	0.04	0.03	0.11
YoY Growth	-	-	5.66%	-0.13%	0.00%	0.00%	11.11%	100.00%	150.00%	44.67%	-77.67%	334.54%
Dividend Yield	-	-	1.64%	2.04%	1.06%	1.65%	1.06%	0.44%	0.22%	0.09%	0.06%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.21
(-) Cash Dividends Paid (M)	6.57
(=) Cash Retained (M)	90.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.44	12.15	7.29
Cash Retained (M)	90.65	90.65	90.65
(-) Cash Required (M)	-19.44	-12.15	-7.29
(=) Excess Retained (M)	71.20	78.49	83.35
(/) Shares Outstanding (M)	389.10	389.10	389.10
(=) Excess Retained per Share	0.18	0.20	0.21
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.18	0.20	0.21
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.47	$10.31	$19.74
Upside / Downside	-65.22%	-44.60%	6.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.21	103.53	110.26	117.43	125.06	133.19	137.19
Payout Ratio	6.76%	23.41%	40.05%	56.70%	73.35%	90.00%	92.50%
Projected Dividends (M)	6.57	24.23	44.17	66.59	91.74	119.87	126.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22.07	22.28	22.49
Year 2 PV (M)	36.64	37.34	38.04
Year 3 PV (M)	50.32	51.76	53.23
Year 4 PV (M)	63.14	65.57	68.07
Year 5 PV (M)	75.15	78.78	82.55
PV of Terminal Value (M)	1,381.56	1,448.29	1,517.57
Equity Value (M)	1,628.88	1,704.02	1,781.95
Shares Outstanding (M)	389.10	389.10	389.10
Fair Value	$4.19	$4.38	$4.58
Upside / Downside	-77.51%	-76.47%	-75.39%

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Linkage Software Co., Ltd. (688588.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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