DDM Analysis: WTIF.SG

Valuation Snapshot

Stable Growth	$7.19 - $10.32	$8.72
Multi-Stage	$17.45 - $19.17	$18.29
Blended Fair Value	$13.50
Current Price	$32.69
Upside	-58.69%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	-2.13%	0.96	0.95	0.73	0.59	0.91	0.00	0.87	0.87	1.05	1.21
YoY Growth	-	-	1.18%	30.10%	23.10%	-34.89%	0.00%	-100.00%	-0.03%	-16.66%	-13.70%	1.44%
Dividend Yield	-	-	2.95%	4.47%	3.52%	2.86%	4.39%	0.00%	4.19%	4.19%	5.03%	5.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,485.00
(-) Cash Dividends Paid (M)	3,186.00
(=) Cash Retained (M)	299.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	697.00	435.63	261.38
Cash Retained (M)	299.00	299.00	299.00
(-) Cash Required (M)	-697.00	-435.63	-261.38
(=) Excess Retained (M)	-398.00	-136.63	37.63
(/) Shares Outstanding (M)	3,303.75	3,303.75	3,303.75
(=) Excess Retained per Share	-0.12	-0.04	0.01
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	-0.12	-0.04	0.01
(=) Adjusted Dividend	0.84	0.92	0.98
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-4.13%	-3.13%	-2.13%
Fair Value	$7.19	$8.72	$10.32
Upside / Downside	-78.02%	-73.34%	-68.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,485.00	3,375.91	3,270.24	3,167.87	3,068.71	2,972.65	3,061.83
Payout Ratio	91.42%	91.14%	90.85%	90.57%	90.28%	90.00%	92.50%
Projected Dividends (M)	3,186.00	3,076.68	2,971.08	2,869.08	2,770.56	2,675.39	2,832.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-4.13%	-3.13%	-2.13%
Year 1 PV (M)	2,842.34	2,871.99	2,901.63
Year 2 PV (M)	2,535.72	2,588.90	2,642.62
Year 3 PV (M)	2,262.16	2,333.69	2,406.71
Year 4 PV (M)	2,018.09	2,103.61	2,191.83
Year 5 PV (M)	1,800.33	1,896.21	1,996.12
PV of Terminal Value (M)	46,176.58	48,635.65	51,198.38
Equity Value (M)	57,635.22	60,430.04	63,337.30
Shares Outstanding (M)	3,303.75	3,303.75	3,303.75
Fair Value	$17.45	$18.29	$19.17
Upside / Downside	-46.63%	-44.05%	-41.35%

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WisdomTree Japan Equity UCITS ETF (WTIF.SG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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