DDM Analysis: 7547.TWO

Valuation Snapshot

Stable Growth	$126.95 - $653.51	$258.48
Multi-Stage	$71.12 - $77.74	$74.37
Blended Fair Value	$166.43
Current Price	$90.00
Upside	84.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	28.49%	0.00%	0.81	0.53	0.53	0.53	0.46	0.23	0.00	0.00	0.00	0.00
YoY Growth	-	-	51.16%	0.00%	0.00%	15.85%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.14%	1.30%	1.77%	1.34%	0.84%	0.42%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.57
(-) Cash Dividends Paid (M)	38.55
(=) Cash Retained (M)	56.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.91	11.82	7.09
Cash Retained (M)	56.02	56.02	56.02
(-) Cash Required (M)	-18.91	-11.82	-7.09
(=) Excess Retained (M)	37.11	44.20	48.93
(/) Shares Outstanding (M)	28.78	28.78	28.78
(=) Excess Retained per Share	1.29	1.54	1.70
LTM Dividend per Share	1.34	1.34	1.34
(+) Excess Retained per Share	1.29	1.54	1.70
(=) Adjusted Dividend	2.63	2.88	3.04
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$126.95	$258.48	$653.51
Upside / Downside	41.05%	187.20%	626.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.57	100.72	107.26	114.24	121.66	129.57	133.46
Payout Ratio	40.76%	50.61%	60.46%	70.30%	80.15%	90.00%	92.50%
Projected Dividends (M)	38.55	50.97	64.85	80.31	97.52	116.61	123.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46.89	47.33	47.78
Year 2 PV (M)	54.88	55.92	56.98
Year 3 PV (M)	62.52	64.32	66.15
Year 4 PV (M)	69.83	72.52	75.28
Year 5 PV (M)	76.82	80.53	84.39
PV of Terminal Value (M)	1,736.00	1,819.85	1,906.91
Equity Value (M)	2,046.95	2,140.48	2,237.48
Shares Outstanding (M)	28.78	28.78	28.78
Fair Value	$71.12	$74.37	$77.74
Upside / Downside	-20.97%	-17.36%	-13.62%

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Intumit Inc. (7547.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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