DDM Analysis: 2758.TWO

Valuation Snapshot

Stable Growth	$28.02 - $42.88	$34.96
Multi-Stage	$60.66 - $66.74	$63.64
Blended Fair Value	$49.30
Current Price	$101.50
Upside	-51.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	1.50	3.00	6.00	1.60	2.74	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-50.00%	-50.00%	275.00%	-41.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.36%	2.24%	4.13%	0.00%	0.00%	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)	64.06
(-) Cash Dividends Paid (M)	30.73
(=) Cash Retained (M)	33.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.81	8.01	4.80
Cash Retained (M)	33.33	33.33	33.33
(-) Cash Required (M)	-12.81	-8.01	-4.80
(=) Excess Retained (M)	20.52	25.32	28.52
(/) Shares Outstanding (M)	20.50	20.50	20.50
(=) Excess Retained per Share	1.00	1.23	1.39
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	1.00	1.23	1.39
(=) Adjusted Dividend	2.50	2.73	2.89
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$28.02	$34.96	$42.88
Upside / Downside	-72.39%	-65.55%	-57.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.06	63.41	62.78	62.15	61.53	60.92	62.74
Payout Ratio	47.97%	56.38%	64.78%	73.19%	81.59%	90.00%	92.50%
Projected Dividends (M)	30.73	35.75	40.67	45.49	50.21	54.82	58.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	33.16	33.49	33.83
Year 2 PV (M)	34.98	35.70	36.42
Year 3 PV (M)	36.28	37.40	38.55
Year 4 PV (M)	37.14	38.68	40.26
Year 5 PV (M)	37.61	39.57	41.61
PV of Terminal Value (M)	1,064.48	1,119.91	1,177.63
Equity Value (M)	1,243.65	1,304.75	1,368.30
Shares Outstanding (M)	20.50	20.50	20.50
Fair Value	$60.66	$63.64	$66.74
Upside / Downside	-40.24%	-37.30%	-34.25%

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Financial Statements

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Louisa Professional Coffee Ltd. (2758.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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