DDM Analysis: 7708.TWO

Valuation Snapshot

Stable Growth	$51.48 - $78.76	$64.23
Multi-Stage	$110.67 - $121.80	$116.12
Blended Fair Value	$90.18
Current Price	$97.00
Upside	-7.04%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	2.31	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	-	-	2.50%	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)	143.07
(-) Cash Dividends Paid (M)	57.50
(=) Cash Retained (M)	85.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.61	17.88	10.73
Cash Retained (M)	85.57	85.57	85.57
(-) Cash Required (M)	-28.61	-17.88	-10.73
(=) Excess Retained (M)	56.96	67.69	74.84
(/) Shares Outstanding (M)	24.93	24.93	24.93
(=) Excess Retained per Share	2.28	2.72	3.00
LTM Dividend per Share	2.31	2.31	2.31
(+) Excess Retained per Share	2.28	2.72	3.00
(=) Adjusted Dividend	4.59	5.02	5.31
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$51.48	$64.23	$78.76
Upside / Downside	-46.93%	-33.79%	-18.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	143.07	141.64	140.22	138.82	137.43	136.06	140.14
Payout Ratio	40.19%	50.15%	60.11%	70.08%	80.04%	90.00%	92.50%
Projected Dividends (M)	57.50	71.03	84.29	97.28	110.00	122.45	129.63

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)	65.88	66.55	67.22
Year 2 PV (M)	72.50	73.98	75.49
Year 3 PV (M)	77.59	79.99	82.44
Year 4 PV (M)	81.36	84.74	88.21
Year 5 PV (M)	84.00	88.37	92.93
PV of Terminal Value (M)	2,377.56	2,501.36	2,630.27
Equity Value (M)	2,758.89	2,895.00	3,036.56
Shares Outstanding (M)	24.93	24.93	24.93
Fair Value	$110.67	$116.12	$121.80
Upside / Downside	14.09%	19.72%	25.57%

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Family International Gourmet Co. Ltd. (7708.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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