DDM Analysis: 6803.T

Valuation Snapshot

Stable Growth	$63.44 - $96.21	$78.85
Multi-Stage	$127.64 - $140.63	$134.00
Blended Fair Value	$106.43
Current Price	$90.00
Upside	18.25%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.01	1.01	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	-	-	1.12%	1.05%	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)	210.00
(-) Cash Dividends Paid (M)	29.00
(=) Cash Retained (M)	181.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.00	26.25	15.75
Cash Retained (M)	181.00	181.00	181.00
(-) Cash Required (M)	-42.00	-26.25	-15.75
(=) Excess Retained (M)	139.00	154.75	165.25
(/) Shares Outstanding (M)	28.80	28.80	28.80
(=) Excess Retained per Share	4.83	5.37	5.74
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	4.83	5.37	5.74
(=) Adjusted Dividend	5.83	6.38	6.74
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$63.44	$78.85	$96.21
Upside / Downside	-29.51%	-12.39%	6.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	210.00	207.90	205.82	203.76	201.73	199.71	205.70
Payout Ratio	13.81%	29.05%	44.29%	59.52%	74.76%	90.00%	92.50%
Projected Dividends (M)	29.00	60.39	91.15	121.29	150.81	179.74	190.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	55.86	56.43	57.00
Year 2 PV (M)	78.00	79.60	81.21
Year 3 PV (M)	96.01	98.98	102.01
Year 4 PV (M)	110.44	115.01	119.73
Year 5 PV (M)	121.75	128.09	134.69
PV of Terminal Value (M)	3,214.29	3,381.67	3,555.94
Equity Value (M)	3,676.35	3,859.78	4,050.60
Shares Outstanding (M)	28.80	28.80	28.80
Fair Value	$127.64	$134.00	$140.63
Upside / Downside	41.82%	48.89%	56.25%

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Teac Corporation (6803.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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