DDM Analysis: 2492.T

Valuation Snapshot

Stable Growth	$35.80 - $48.77	$42.39
Multi-Stage	$73.21 - $80.61	$76.84
Blended Fair Value	$59.62
Current Price	$334.00
Upside	-82.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.45%	-4.32%	1.26	0.85	1.33	2.35	3.75	3.71	3.50	3.34	3.24	2.69
YoY Growth	-	-	48.49%	-36.29%	-43.45%	-37.26%	1.05%	5.97%	4.80%	3.25%	20.58%	37.14%
Dividend Yield	-	-	0.36%	0.21%	0.48%	0.36%	0.39%	0.52%	0.49%	0.66%	1.02%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,623.35
(-) Cash Dividends Paid (M)	715.89
(=) Cash Retained (M)	907.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	324.67	202.92	121.75
Cash Retained (M)	907.46	907.46	907.46
(-) Cash Required (M)	-324.67	-202.92	-121.75
(=) Excess Retained (M)	582.79	704.54	785.71
(/) Shares Outstanding (M)	226.32	226.32	226.32
(=) Excess Retained per Share	2.58	3.11	3.47
LTM Dividend per Share	3.16	3.16	3.16
(+) Excess Retained per Share	2.58	3.11	3.47
(=) Adjusted Dividend	5.74	6.28	6.63
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-6.32%	-5.32%	-4.32%
Fair Value	$35.80	$42.39	$48.77
Upside / Downside	-89.28%	-87.31%	-85.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,623.35	1,537.00	1,455.25	1,377.85	1,304.56	1,235.17	1,272.22
Payout Ratio	44.10%	53.28%	62.46%	71.64%	80.82%	90.00%	92.50%
Projected Dividends (M)	715.89	818.91	908.95	987.09	1,054.34	1,111.65	1,176.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-6.32%	-5.32%	-4.32%
Year 1 PV (M)	745.43	753.38	761.34
Year 2 PV (M)	753.14	769.30	785.64
Year 3 PV (M)	744.49	768.58	793.20
Year 4 PV (M)	723.85	755.26	787.68
Year 5 PV (M)	694.71	732.59	772.10
PV of Terminal Value (M)	12,906.95	13,610.69	14,344.80
Equity Value (M)	16,568.56	17,389.81	18,244.75
Shares Outstanding (M)	226.32	226.32	226.32
Fair Value	$73.21	$76.84	$80.61
Upside / Downside	-78.08%	-76.99%	-75.86%

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Financial Statements

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Infomart Corporation (2492.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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