DDM Analysis: 2427.T

Valuation Snapshot

Stable Growth	$2,638.65 - $8,782.06	$8,230.07
Multi-Stage	$1,168.40 - $1,277.39	$1,221.90
Blended Fair Value	$4,725.99
Current Price	$1,740.00
Upside	171.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	10.20%	32.57%	24.99	30.99	9.99	23.96	20.92	15.38	5.82	4.84	3.18	1.85
YoY Growth	-	-	-19.36%	210.09%	-58.30%	14.53%	36.09%	164.26%	20.16%	52.09%	72.16%	24.10%
Dividend Yield	-	-	1.44%	2.39%	0.79%	1.34%	4.45%	1.11%	0.31%	0.55%	0.41%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,563.00
(-) Cash Dividends Paid (M)	3,148.00
(=) Cash Retained (M)	2,415.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,112.60	695.38	417.23
Cash Retained (M)	2,415.00	2,415.00	2,415.00
(-) Cash Required (M)	-1,112.60	-695.38	-417.23
(=) Excess Retained (M)	1,302.40	1,719.63	1,997.78
(/) Shares Outstanding (M)	125.98	125.98	125.98
(=) Excess Retained per Share	10.34	13.65	15.86
LTM Dividend per Share	24.99	24.99	24.99
(+) Excess Retained per Share	10.34	13.65	15.86
(=) Adjusted Dividend	35.33	38.64	40.85
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,638.65	$8,230.07	$8,782.06
Upside / Downside	51.65%	372.99%	404.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,563.00	5,924.60	6,309.69	6,719.82	7,156.61	7,621.79	7,850.45
Payout Ratio	56.59%	63.27%	69.95%	76.64%	83.32%	90.00%	92.50%
Projected Dividends (M)	3,148.00	3,748.52	4,413.81	5,149.76	5,962.72	6,859.61	7,261.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,473.24	3,506.16	3,539.08
Year 2 PV (M)	3,789.34	3,861.51	3,934.37
Year 3 PV (M)	4,096.47	4,214.07	4,333.89
Year 4 PV (M)	4,394.83	4,563.85	4,737.69
Year 5 PV (M)	4,684.60	4,910.86	5,145.79
PV of Terminal Value (M)	126,753.06	132,875.28	139,231.81
Equity Value (M)	147,191.54	153,931.74	160,922.64
Shares Outstanding (M)	125.98	125.98	125.98
Fair Value	$1,168.40	$1,221.90	$1,277.39
Upside / Downside	-32.85%	-29.78%	-26.59%

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OUTSOURCING Inc. (2427.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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