DDM Analysis: 3727.T

Valuation Snapshot

Stable Growth	$52.38 - $78.45	$64.74
Multi-Stage	$103.68 - $113.93	$108.71
Blended Fair Value	$86.72
Current Price	$184.00
Upside	-52.87%
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%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	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)	136.90
(-) Cash Dividends Paid (M)	75.00
(=) Cash Retained (M)	61.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.38	17.11	10.27
Cash Retained (M)	61.90	61.90	61.90
(-) Cash Required (M)	-27.38	-17.11	-10.27
(=) Excess Retained (M)	34.52	44.79	51.63
(/) Shares Outstanding (M)	21.75	21.75	21.75
(=) Excess Retained per Share	1.59	2.06	2.37
LTM Dividend per Share	3.45	3.45	3.45
(+) Excess Retained per Share	1.59	2.06	2.37
(=) Adjusted Dividend	5.04	5.51	5.82
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$52.38	$64.74	$78.45
Upside / Downside	-71.53%	-64.81%	-57.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.90	135.53	134.17	132.83	131.50	130.19	134.09
Payout Ratio	54.78%	61.83%	68.87%	75.91%	82.96%	90.00%	92.50%
Projected Dividends (M)	75.00	83.79	92.40	100.84	109.09	117.17	124.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	77.21	78.00	78.79
Year 2 PV (M)	78.47	80.08	81.70
Year 3 PV (M)	78.90	81.34	83.83
Year 4 PV (M)	78.66	81.92	85.28
Year 5 PV (M)	77.86	81.91	86.13
PV of Terminal Value (M)	1,863.78	1,960.83	2,061.88
Equity Value (M)	2,254.88	2,364.08	2,477.62
Shares Outstanding (M)	21.75	21.75	21.75
Fair Value	$103.68	$108.71	$113.93
Upside / Downside	-43.65%	-40.92%	-38.08%

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Aplix Corporation (3727.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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