DDM Analysis: JFJ.L

Valuation Snapshot

Stable Growth	$8.30 - $11.87	$10.05
Multi-Stage	$12.76 - $14.03	$13.38
Blended Fair Value	$11.72
Current Price	$5.62
Upside	108.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.68%	7.90%	0.06	0.06	0.05	0.05	0.05	0.05	0.05	0.04	0.03	0.03
YoY Growth	-	-	1.16%	15.08%	1.84%	1.03%	0.00%	0.00%	36.97%	30.37%	0.00%	0.00%
Dividend Yield	-	-	1.15%	1.37%	1.25%	0.79%	0.86%	1.21%	1.15%	1.04%	0.89%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	183.17
(-) Cash Dividends Paid (M)	20.77
(=) Cash Retained (M)	162.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.63	22.90	13.74
Cash Retained (M)	162.40	162.40	162.40
(-) Cash Required (M)	-36.63	-22.90	-13.74
(=) Excess Retained (M)	125.77	139.51	148.67
(/) Shares Outstanding (M)	151.42	151.42	151.42
(=) Excess Retained per Share	0.83	0.92	0.98
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.83	0.92	0.98
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.30	$10.05	$11.87
Upside / Downside	47.72%	78.88%	111.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	183.17	181.34	179.53	177.73	175.96	174.20	179.42
Payout Ratio	11.34%	27.07%	42.80%	58.54%	74.27%	90.00%	92.50%
Projected Dividends (M)	20.77	49.09	76.84	104.04	130.68	156.78	165.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.41	44.86	45.32
Year 2 PV (M)	62.89	64.18	65.48
Year 3 PV (M)	77.02	79.41	81.84
Year 4 PV (M)	87.52	91.15	94.89
Year 5 PV (M)	94.99	99.94	105.09
PV of Terminal Value (M)	1,565.33	1,646.84	1,731.71
Equity Value (M)	1,932.16	2,026.37	2,124.32
Shares Outstanding (M)	151.42	151.42	151.42
Fair Value	$12.76	$13.38	$14.03
Upside / Downside	127.06%	138.13%	149.64%

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JPMorgan Japanese Investment Trust plc (JFJ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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