DDM Analysis: 605099.SS

Valuation Snapshot

Stable Growth	$135.36 - $314.52	$294.75
Multi-Stage	$46.65 - $51.05	$48.81
Blended Fair Value	$171.78
Current Price	$30.90
Upside	455.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2013
DPS	27.53%	21.15%	0.54	0.56	0.47	0.50	0.15	0.16	0.23	0.46	0.04	0.02
YoY Growth	-	-	-4.10%	18.58%	-5.62%	231.23%	-5.11%	-29.09%	-51.22%	965.60%	96.11%	-72.06%
Dividend Yield	-	-	2.62%	2.63%	2.08%	1.87%	0.54%	0.72%	0.00%	0.00%	0.00%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	632.85
(-) Cash Dividends Paid (M)	257.05
(=) Cash Retained (M)	375.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.57	79.11	47.46
Cash Retained (M)	375.80	375.80	375.80
(-) Cash Required (M)	-126.57	-79.11	-47.46
(=) Excess Retained (M)	249.23	296.69	328.33
(/) Shares Outstanding (M)	400.16	400.16	400.16
(=) Excess Retained per Share	0.62	0.74	0.82
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	0.62	0.74	0.82
(=) Adjusted Dividend	1.27	1.38	1.46
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$135.36	$294.75	$314.52
Upside / Downside	338.06%	853.89%	917.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	632.85	673.98	717.79	764.45	814.14	867.06	893.07
Payout Ratio	40.62%	50.49%	60.37%	70.25%	80.12%	90.00%	92.50%
Projected Dividends (M)	257.05	340.32	433.34	537.00	652.32	780.35	826.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	316.59	319.59	322.60
Year 2 PV (M)	375.01	382.16	389.37
Year 3 PV (M)	432.32	444.73	457.38
Year 4 PV (M)	488.54	507.33	526.65
Year 5 PV (M)	543.67	569.93	597.20
PV of Terminal Value (M)	16,509.64	17,307.06	18,135.00
Equity Value (M)	18,665.78	19,530.81	20,428.19
Shares Outstanding (M)	400.16	400.16	400.16
Fair Value	$46.65	$48.81	$51.05
Upside / Downside	50.96%	57.95%	65.21%

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CoCreation Grass Co., Ltd (605099.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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