DDM Analysis: 2303.T

Valuation Snapshot

Stable Growth	$2,883.94 - $7,280.08	$4,341.94
Multi-Stage	$1,963.75 - $2,147.42	$2,053.92
Blended Fair Value	$3,197.93
Current Price	$2,451.00
Upside	30.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	20.73%	0.00%	20.03	16.22	14.59	12.51	10.41	7.81	0.00	0.00	0.00	0.00
YoY Growth	-	-	23.53%	11.16%	16.60%	20.22%	33.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.82%	0.80%	0.75%	0.68%	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)	391.61
(-) Cash Dividends Paid (M)	30.61
(=) Cash Retained (M)	361.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.32	48.95	29.37
Cash Retained (M)	361.00	361.00	361.00
(-) Cash Required (M)	-78.32	-48.95	-29.37
(=) Excess Retained (M)	282.68	312.05	331.63
(/) Shares Outstanding (M)	3.06	3.06	3.06
(=) Excess Retained per Share	92.50	102.11	108.52
LTM Dividend per Share	10.02	10.02	10.02
(+) Excess Retained per Share	92.50	102.11	108.52
(=) Adjusted Dividend	102.52	112.13	118.54
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,883.94	$4,341.94	$7,280.08
Upside / Downside	17.66%	77.15%	197.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	391.61	417.07	444.18	473.05	503.80	536.54	552.64
Payout Ratio	7.82%	24.25%	40.69%	57.13%	73.56%	90.00%	92.50%
Projected Dividends (M)	30.61	101.15	180.73	270.24	370.61	482.89	511.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	91.72	92.59	93.46
Year 2 PV (M)	148.59	151.42	154.28
Year 3 PV (M)	201.46	207.24	213.13
Year 4 PV (M)	250.52	260.15	270.06
Year 5 PV (M)	295.97	310.27	325.11
PV of Terminal Value (M)	5,012.76	5,254.88	5,506.26
Equity Value (M)	6,001.01	6,276.54	6,562.30
Shares Outstanding (M)	3.06	3.06	3.06
Fair Value	$1,963.75	$2,053.92	$2,147.42
Upside / Downside	-19.88%	-16.20%	-12.39%

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Dawn Corp. (2303.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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