DDM Analysis: 2897.T

Valuation Snapshot

Stable Growth	$17,171.29 - $32,766.83	$30,707.32
Multi-Stage	$5,136.06 - $5,621.63	$5,374.38
Blended Fair Value	$18,040.85
Current Price	$2,786.00
Upside	547.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.59%	10.60%	76.78	53.29	43.19	47.44	38.87	38.87	35.33	31.78	29.34	28.04
YoY Growth	-	-	44.08%	23.37%	-8.95%	22.05%	0.01%	10.02%	11.15%	8.34%	4.61%	0.00%
Dividend Yield	-	-	2.56%	1.31%	1.09%	1.52%	1.46%	1.22%	1.52%	1.19%	1.25%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48,569.00
(-) Cash Dividends Paid (M)	20,754.00
(=) Cash Retained (M)	27,815.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,713.80	6,071.13	3,642.68
Cash Retained (M)	27,815.00	27,815.00	27,815.00
(-) Cash Required (M)	-9,713.80	-6,071.13	-3,642.68
(=) Excess Retained (M)	18,101.20	21,743.88	24,172.33
(/) Shares Outstanding (M)	294.78	294.78	294.78
(=) Excess Retained per Share	61.40	73.76	82.00
LTM Dividend per Share	70.40	70.40	70.40
(+) Excess Retained per Share	61.40	73.76	82.00
(=) Adjusted Dividend	131.81	144.17	152.40
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17,171.29	$30,707.32	$32,766.83
Upside / Downside	516.34%	1,002.20%	1,076.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48,569.00	51,725.99	55,088.17	58,668.91	62,482.38	66,543.74	68,540.05
Payout Ratio	42.73%	52.18%	61.64%	71.09%	80.55%	90.00%	92.50%
Projected Dividends (M)	20,754.00	26,993.09	33,955.57	41,709.12	50,327.18	59,889.37	63,399.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25,152.55	25,390.96	25,629.37
Year 2 PV (M)	29,482.87	30,044.44	30,611.30
Year 3 PV (M)	33,745.77	34,714.49	35,701.57
Year 4 PV (M)	37,942.01	39,401.15	40,901.98
Year 5 PV (M)	42,072.36	44,104.47	46,214.35
PV of Terminal Value (M)	1,345,636.03	1,410,630.75	1,478,112.97
Equity Value (M)	1,514,031.58	1,584,286.26	1,657,171.56
Shares Outstanding (M)	294.78	294.78	294.78
Fair Value	$5,136.06	$5,374.38	$5,621.63
Upside / Downside	84.35%	92.91%	101.78%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
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Nissin Foods Holdings Co.,Ltd. (2897.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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