DDM Analysis: 9753.T

Valuation Snapshot

Stable Growth	$3,873.56 - $11,522.38	$6,127.47
Multi-Stage	$3,698.17 - $4,057.17	$3,874.30
Blended Fair Value	$5,000.89
Current Price	$1,525.00
Upside	227.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	7.58%	0.00%	29.87	30.18	20.54	15.67	15.59	20.73	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.04%	46.96%	31.09%	0.51%	-24.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.68%	2.69%	1.96%	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)	1,482.11
(-) Cash Dividends Paid (M)	142.42
(=) Cash Retained (M)	1,339.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	296.42	185.26	111.16
Cash Retained (M)	1,339.69	1,339.69	1,339.69
(-) Cash Required (M)	-296.42	-185.26	-111.16
(=) Excess Retained (M)	1,043.27	1,154.42	1,228.53
(/) Shares Outstanding (M)	9.57	9.57	9.57
(=) Excess Retained per Share	109.07	120.69	128.43
LTM Dividend per Share	14.89	14.89	14.89
(+) Excess Retained per Share	109.07	120.69	128.43
(=) Adjusted Dividend	123.96	135.58	143.32
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	3.51%	4.51%	5.51%
Fair Value	$3,873.56	$6,127.47	$11,522.38
Upside / Downside	154.00%	301.80%	655.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,482.11	1,548.99	1,618.89	1,691.94	1,768.28	1,848.07	1,903.52
Payout Ratio	9.61%	25.69%	41.77%	57.84%	73.92%	90.00%	92.50%
Projected Dividends (M)	142.42	397.90	676.14	978.68	1,307.15	1,663.27	1,760.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	3.51%	4.51%	5.51%
Year 1 PV (M)	368.91	372.48	376.04
Year 2 PV (M)	581.22	592.50	603.90
Year 3 PV (M)	780.00	802.83	826.10
Year 4 PV (M)	965.90	1,003.77	1,042.75
Year 5 PV (M)	1,139.52	1,195.64	1,253.95
PV of Terminal Value (M)	31,539.02	33,092.19	34,705.94
Equity Value (M)	35,374.59	37,059.41	38,808.67
Shares Outstanding (M)	9.57	9.57	9.57
Fair Value	$3,698.17	$3,874.30	$4,057.17
Upside / Downside	142.50%	154.05%	166.04%

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IX Knowledge Incorporated (9753.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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