DDM Analysis: 9422.T

Valuation Snapshot

Stable Growth	$1,314.57 - $2,574.50	$1,812.64
Multi-Stage	$1,682.58 - $1,845.46	$1,762.48
Blended Fair Value	$1,787.56
Current Price	$1,908.00
Upside	-6.31%
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	6.32%	10.22%	70.01	60.02	60.02	65.02	59.99	51.52	44.48	33.73	32.25	26.47
YoY Growth	-	-	16.65%	0.00%	-7.70%	8.38%	16.44%	15.83%	31.88%	4.57%	21.88%	0.00%
Dividend Yield	-	-	5.27%	4.00%	4.22%	4.58%	3.11%	2.67%	3.47%	2.54%	3.64%	2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,616.00
(-) Cash Dividends Paid (M)	1,179.00
(=) Cash Retained (M)	2,437.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	723.20	452.00	271.20
Cash Retained (M)	2,437.00	2,437.00	2,437.00
(-) Cash Required (M)	-723.20	-452.00	-271.20
(=) Excess Retained (M)	1,713.80	1,985.00	2,165.80
(/) Shares Outstanding (M)	44.74	44.74	44.74
(=) Excess Retained per Share	38.31	44.37	48.41
LTM Dividend per Share	26.35	26.35	26.35
(+) Excess Retained per Share	38.31	44.37	48.41
(=) Adjusted Dividend	64.66	70.72	74.76
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	2.15%	3.15%	4.15%
Fair Value	$1,314.57	$1,812.64	$2,574.50
Upside / Downside	-31.10%	-5.00%	34.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,616.00	3,729.87	3,847.32	3,968.48	4,093.45	4,222.35	4,349.02
Payout Ratio	32.61%	44.08%	55.56%	67.04%	78.52%	90.00%	92.50%
Projected Dividends (M)	1,179.00	1,644.28	2,137.69	2,660.55	3,214.21	3,800.11	4,022.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	2.15%	3.15%	4.15%
Year 1 PV (M)	1,519.35	1,534.22	1,549.09
Year 2 PV (M)	1,825.19	1,861.10	1,897.36
Year 3 PV (M)	2,099.01	2,161.26	2,224.73
Year 4 PV (M)	2,343.15	2,436.26	2,532.12
Year 5 PV (M)	2,559.79	2,687.56	2,820.39
PV of Terminal Value (M)	64,928.15	68,169.10	71,538.19
Equity Value (M)	75,274.64	78,849.50	82,561.88
Shares Outstanding (M)	44.74	44.74	44.74
Fair Value	$1,682.58	$1,762.48	$1,845.46
Upside / Downside	-11.81%	-7.63%	-3.28%

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VG	Venture Global, Inc.	3.02%	$0.21	24.09%
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PKBK	Parke Bancorp, Inc.	2.94%	$0.71	25.08%
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Financial Statements

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Conexio Corporation (9422.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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