DDM Analysis: 7631.TWO

Valuation Snapshot

Stable Growth	$44.72 - $68.90	$55.96
Multi-Stage	$100.03 - $110.09	$104.96
Blended Fair Value	$80.46
Current Price	$140.00
Upside	-42.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	3.12	5.83	7.77	1.09	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-46.56%	-24.94%	611.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.93%	5.21%	6.32%	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)	91.87
(-) Cash Dividends Paid (M)	43.92
(=) Cash Retained (M)	47.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.37	11.48	6.89
Cash Retained (M)	47.95	47.95	47.95
(-) Cash Required (M)	-18.37	-11.48	-6.89
(=) Excess Retained (M)	29.58	36.47	41.06
(/) Shares Outstanding (M)	18.86	18.86	18.86
(=) Excess Retained per Share	1.57	1.93	2.18
LTM Dividend per Share	2.33	2.33	2.33
(+) Excess Retained per Share	1.57	1.93	2.18
(=) Adjusted Dividend	3.90	4.26	4.51
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$44.72	$55.96	$68.90
Upside / Downside	-68.06%	-60.03%	-50.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.87	90.95	90.04	89.14	88.25	87.37	89.99
Payout Ratio	47.81%	56.25%	64.68%	73.12%	81.56%	90.00%	92.50%
Projected Dividends (M)	43.92	51.16	58.24	65.18	71.98	78.63	83.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	47.53	48.02	48.50
Year 2 PV (M)	50.28	51.31	52.35
Year 3 PV (M)	52.28	53.90	55.55
Year 4 PV (M)	53.64	55.87	58.16
Year 5 PV (M)	54.45	57.28	60.24
PV of Terminal Value (M)	1,628.55	1,713.35	1,801.65
Equity Value (M)	1,886.73	1,979.73	2,076.45
Shares Outstanding (M)	18.86	18.86	18.86
Fair Value	$100.03	$104.96	$110.09
Upside / Downside	-28.55%	-25.03%	-21.36%

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Genii Ideas Co., Ltd. (7631.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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