DDM Analysis: 9964.T

Valuation Snapshot

Stable Growth	$0.02 - $0.03	$0.02
Multi-Stage	$0.02 - $0.02	$0.02
Blended Fair Value	$0.02
Current Price	$2,697.00
Upside	-100.00%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-1.93%	-0.33%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-31.20%	-28.73%	-9.42%	74.42%	17.11%	2.58%	13.14%	52.90%	-24.76%	-20.13%
Dividend Yield	-	-	0.00%	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)	4,190.29
(-) Cash Dividends Paid (M)	707.61
(=) Cash Retained (M)	3,482.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	838.06	523.79	314.27
Cash Retained (M)	3,482.67	3,482.67	3,482.67
(-) Cash Required (M)	-838.06	-523.79	-314.27
(=) Excess Retained (M)	2,644.62	2,958.89	3,168.40
(/) Shares Outstanding (M)	4,106,177.18	4,106,177.18	4,106,177.18
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.00	0.00	0.00
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	2.55%	3.55%	4.55%
Fair Value	$0.02	$0.02	$0.03
Upside / Downside	-100.00%	-100.00%	-100.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,190.29	4,339.19	4,493.39	4,653.06	4,818.41	4,989.64	5,139.33
Payout Ratio	16.89%	31.51%	46.13%	60.75%	75.38%	90.00%	92.50%
Projected Dividends (M)	707.61	1,367.26	2,072.90	2,826.96	3,631.99	4,490.68	4,753.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	2.55%	3.55%	4.55%
Year 1 PV (M)	1,259.06	1,271.34	1,283.61
Year 2 PV (M)	1,757.79	1,792.24	1,827.02
Year 3 PV (M)	2,207.52	2,272.72	2,339.20
Year 4 PV (M)	2,611.71	2,715.07	2,821.48
Year 5 PV (M)	2,973.62	3,121.46	3,275.11
PV of Terminal Value (M)	69,258.56	72,701.76	76,280.56
Equity Value (M)	80,068.26	83,874.59	87,827.00
Shares Outstanding (M)	4,106,177.18	4,106,177.18	4,106,177.18
Fair Value	$0.02	$0.02	$0.02
Upside / Downside	-100.00%	-100.00%	-100.00%

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Itec Corporation (9964.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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