DDM Analysis: 3147.TWO

Valuation Snapshot

Stable Growth	$750.29 - $2,340.12	$2,193.03
Multi-Stage	$314.52 - $344.13	$329.06
Blended Fair Value	$1,261.04
Current Price	$189.00
Upside	567.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.53%	0.00%	4.45	4.01	3.56	1.63	1.63	1.32	0.00	0.00	0.00	0.00
YoY Growth	-	-	11.11%	12.50%	118.48%	0.00%	23.53%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.06%	3.20%	6.41%	3.85%	3.96%	5.42%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	515.24
(-) Cash Dividends Paid (M)	195.03
(=) Cash Retained (M)	320.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	103.05	64.41	38.64
Cash Retained (M)	320.21	320.21	320.21
(-) Cash Required (M)	-103.05	-64.41	-38.64
(=) Excess Retained (M)	217.16	255.81	281.57
(/) Shares Outstanding (M)	43.79	43.79	43.79
(=) Excess Retained per Share	4.96	5.84	6.43
LTM Dividend per Share	4.45	4.45	4.45
(+) Excess Retained per Share	4.96	5.84	6.43
(=) Adjusted Dividend	9.41	10.30	10.88
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$750.29	$2,193.03	$2,340.12
Upside / Downside	296.98%	1,060.34%	1,138.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	515.24	548.73	584.40	622.38	662.84	705.92	727.10
Payout Ratio	37.85%	48.28%	58.71%	69.14%	79.57%	90.00%	92.50%
Projected Dividends (M)	195.03	264.94	343.11	430.32	527.42	635.33	672.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	245.68	248.01	250.34
Year 2 PV (M)	295.05	300.67	306.35
Year 3 PV (M)	343.16	353.01	363.05
Year 4 PV (M)	390.03	405.03	420.46
Year 5 PV (M)	435.69	456.73	478.58
PV of Terminal Value (M)	12,062.50	12,645.13	13,250.05
Equity Value (M)	13,772.13	14,408.60	15,068.83
Shares Outstanding (M)	43.79	43.79	43.79
Fair Value	$314.52	$329.06	$344.13
Upside / Downside	66.41%	74.10%	82.08%

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Jetwell Computer Co., Ltd. (3147.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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