DDM Analysis: 7583.TWO

Valuation Snapshot

Stable Growth	$71.66 - $110.89	$89.85
Multi-Stage	$159.17 - $175.48	$167.16
Blended Fair Value	$128.51
Current Price	$87.79
Upside	46.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	1.02	0.43	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	139.15%	86.10%	50,390.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.42%	0.57%	0.31%	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)	169.86
(-) Cash Dividends Paid (M)	22.47
(=) Cash Retained (M)	147.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.97	21.23	12.74
Cash Retained (M)	147.38	147.38	147.38
(-) Cash Required (M)	-33.97	-21.23	-12.74
(=) Excess Retained (M)	113.41	126.15	134.64
(/) Shares Outstanding (M)	22.07	22.07	22.07
(=) Excess Retained per Share	5.14	5.72	6.10
LTM Dividend per Share	1.02	1.02	1.02
(+) Excess Retained per Share	5.14	5.72	6.10
(=) Adjusted Dividend	6.16	6.73	7.12
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$71.66	$89.85	$110.89
Upside / Downside	-18.37%	2.35%	26.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	169.86	168.16	166.47	164.81	163.16	161.53	166.38
Payout Ratio	13.23%	28.58%	43.94%	59.29%	74.65%	90.00%	92.50%
Projected Dividends (M)	22.47	48.07	73.15	97.72	121.79	145.38	153.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.71	45.17	45.62
Year 2 PV (M)	63.29	64.59	65.90
Year 3 PV (M)	78.65	81.08	83.56
Year 4 PV (M)	91.18	94.96	98.85
Year 5 PV (M)	101.24	106.51	112.00
PV of Terminal Value (M)	3,133.66	3,296.84	3,466.74
Equity Value (M)	3,512.72	3,689.13	3,872.67
Shares Outstanding (M)	22.07	22.07	22.07
Fair Value	$159.17	$167.16	$175.48
Upside / Downside	81.30%	90.41%	99.88%

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International Ocean Group (7583.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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