DDM Analysis: 6545.T

Valuation Snapshot

Stable Growth	$387.46 - $583.62	$480.13
Multi-Stage	$748.32 - $824.73	$785.77
Blended Fair Value	$632.95
Current Price	$646.00
Upside	-2.02%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	4.82	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	-	-	0.72%	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)	246.62
(-) Cash Dividends Paid (M)	12.96
(=) Cash Retained (M)	233.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.32	30.83	18.50
Cash Retained (M)	233.65	233.65	233.65
(-) Cash Required (M)	-49.32	-30.83	-18.50
(=) Excess Retained (M)	184.33	202.83	215.16
(/) Shares Outstanding (M)	5.41	5.41	5.41
(=) Excess Retained per Share	34.09	37.51	39.79
LTM Dividend per Share	2.40	2.40	2.40
(+) Excess Retained per Share	34.09	37.51	39.79
(=) Adjusted Dividend	36.49	39.91	42.19
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$387.46	$480.13	$583.62
Upside / Downside	-40.02%	-25.68%	-9.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	246.62	244.15	241.71	239.29	236.90	234.53	241.56
Payout Ratio	5.26%	22.20%	39.15%	56.10%	73.05%	90.00%	92.50%
Projected Dividends (M)	12.96	54.21	94.64	134.25	173.06	211.08	223.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50.05	50.56	51.07
Year 2 PV (M)	80.65	82.31	83.98
Year 3 PV (M)	105.62	108.89	112.22
Year 4 PV (M)	125.69	130.90	136.27
Year 5 PV (M)	141.52	148.89	156.57
PV of Terminal Value (M)	3,542.60	3,727.07	3,919.15
Equity Value (M)	4,046.13	4,248.61	4,459.25
Shares Outstanding (M)	5.41	5.41	5.41
Fair Value	$748.32	$785.77	$824.73
Upside / Downside	15.84%	21.64%	27.67%

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internet infinity Inc. (6545.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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