DDM Analysis: 1887.T

Valuation Snapshot

Stable Growth	$987.60 - $3,096.46	$2,900.02
Multi-Stage	$1,532.69 - $1,692.32	$1,610.92
Blended Fair Value	$2,255.47
Current Price	$468.00
Upside	381.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-13.31%	19.79%	22.58	27.24	28.35	28.74	30.79	46.13	13.12	7.49	8.11	6.24
YoY Growth	-	-	-17.10%	-3.91%	-1.34%	-6.67%	-33.24%	251.66%	75.21%	-7.68%	29.94%	68.12%
Dividend Yield	-	-	4.83%	5.63%	4.63%	4.75%	5.35%	7.94%	2.56%	1.20%	1.30%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,333.00
(-) Cash Dividends Paid (M)	421.00
(=) Cash Retained (M)	912.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	266.60	166.63	99.98
Cash Retained (M)	912.00	912.00	912.00
(-) Cash Required (M)	-266.60	-166.63	-99.98
(=) Excess Retained (M)	645.40	745.38	812.03
(/) Shares Outstanding (M)	80.28	80.28	80.28
(=) Excess Retained per Share	8.04	9.28	10.12
LTM Dividend per Share	5.24	5.24	5.24
(+) Excess Retained per Share	8.04	9.28	10.12
(=) Adjusted Dividend	13.28	14.53	15.36
WACC / Discount Rate	0.13%	0.13%	0.13%
Growth Rate	-1.20%	-0.20%	0.80%
Fair Value	$987.60	$2,900.02	$3,096.46
Upside / Downside	111.03%	519.66%	561.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,333.00	1,330.34	1,327.68	1,325.03	1,322.38	1,319.74	1,359.33
Payout Ratio	31.58%	43.27%	54.95%	66.63%	78.32%	90.00%	92.50%
Projected Dividends (M)	421.00	575.59	729.56	882.91	1,035.64	1,187.76	1,257.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.13%	0.13%	0.13%
Growth Rate	-1.20%	-0.20%	0.80%
Year 1 PV (M)	569.09	574.85	580.61
Year 2 PV (M)	713.17	727.68	742.33
Year 3 PV (M)	853.32	879.50	906.20
Year 4 PV (M)	989.63	1,030.31	1,072.23
Year 5 PV (M)	1,122.17	1,180.12	1,240.45
PV of Terminal Value (M)	118,794.47	124,929.26	131,314.92
Equity Value (M)	123,041.85	129,321.71	135,856.73
Shares Outstanding (M)	80.28	80.28	80.28
Fair Value	$1,532.69	$1,610.92	$1,692.32
Upside / Downside	227.50%	244.21%	261.61%

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JDC Corporation (1887.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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