DDM Analysis: 688579.SS

Valuation Snapshot

Stable Growth	$1.44 - $2.19	$1.79
Multi-Stage	$1.95 - $2.14	$2.04
Blended Fair Value	$1.92
Current Price	$11.89
Upside	-83.87%
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	-0.25%	12.36%	0.08	0.05	0.10	0.10	0.00	0.08	0.07	0.07	0.03	0.01
YoY Growth	-	-	60.00%	-50.00%	0.00%	0.00%	-100.00%	19.04%	4.00%	139.59%	316.11%	-73.68%
Dividend Yield	-	-	0.79%	0.50%	0.68%	1.05%	0.00%	0.27%	0.23%	0.22%	0.09%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.48
(-) Cash Dividends Paid (M)	26.00
(=) Cash Retained (M)	38.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.90	8.06	4.84
Cash Retained (M)	38.48	38.48	38.48
(-) Cash Required (M)	-12.90	-8.06	-4.84
(=) Excess Retained (M)	25.58	30.42	33.64
(/) Shares Outstanding (M)	400.37	400.37	400.37
(=) Excess Retained per Share	0.06	0.08	0.08
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.06	0.08	0.08
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	0.57%	1.57%	2.57%
Fair Value	$1.44	$1.79	$2.19
Upside / Downside	-87.88%	-84.94%	-81.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.48	65.49	66.52	67.56	68.62	69.70	71.79
Payout Ratio	40.32%	50.26%	60.19%	70.13%	80.06%	90.00%	92.50%
Projected Dividends (M)	26.00	32.92	40.04	47.38	54.94	62.73	66.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	0.57%	1.57%	2.57%
Year 1 PV (M)	29.75	30.04	30.34
Year 2 PV (M)	32.70	33.36	34.02
Year 3 PV (M)	34.97	36.03	37.10
Year 4 PV (M)	36.65	38.13	39.66
Year 5 PV (M)	37.82	39.74	41.73
PV of Terminal Value (M)	610.20	641.15	673.34
Equity Value (M)	782.10	818.44	856.18
Shares Outstanding (M)	400.37	400.37	400.37
Fair Value	$1.95	$2.04	$2.14
Upside / Downside	-83.57%	-82.81%	-82.01%

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Dareway Software Co.,Ltd. (688579.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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