DDM Analysis: 3085.T

Valuation Snapshot

Stable Growth	$1,699.30 - $3,672.48	$2,428.53
Multi-Stage	$1,208.47 - $1,321.32	$1,263.87
Blended Fair Value	$1,846.20
Current Price	$2,919.00
Upside	-36.75%
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	16.09%	23.29%	29.23	26.30	23.39	21.43	17.54	13.87	12.15	7.29	9.03	4.32
YoY Growth	-	-	11.18%	12.43%	9.14%	22.16%	26.49%	14.11%	66.81%	-19.32%	108.96%	20.00%
Dividend Yield	-	-	1.30%	1.20%	1.07%	1.48%	0.86%	0.57%	0.79%	0.46%	0.72%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,892.00
(-) Cash Dividends Paid (M)	94.12
(=) Cash Retained (M)	2,797.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	578.40	361.50	216.90
Cash Retained (M)	2,797.88	2,797.88	2,797.88
(-) Cash Required (M)	-578.40	-361.50	-216.90
(=) Excess Retained (M)	2,219.48	2,436.38	2,580.98
(/) Shares Outstanding (M)	32.67	32.67	32.67
(=) Excess Retained per Share	67.94	74.58	79.01
LTM Dividend per Share	2.88	2.88	2.88
(+) Excess Retained per Share	67.94	74.58	79.01
(=) Adjusted Dividend	70.82	77.46	81.89
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,699.30	$2,428.53	$3,672.48
Upside / Downside	-41.78%	-16.80%	25.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,892.00	3,079.98	3,280.18	3,493.39	3,720.46	3,962.29	4,081.16
Payout Ratio	3.25%	20.60%	37.95%	55.30%	72.65%	90.00%	92.50%
Projected Dividends (M)	94.12	634.59	1,244.92	1,931.91	2,702.95	3,566.06	3,775.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	572.02	577.44	582.86
Year 2 PV (M)	1,011.52	1,030.78	1,050.23
Year 3 PV (M)	1,414.94	1,455.55	1,496.94
Year 4 PV (M)	1,784.45	1,853.08	1,923.66
Year 5 PV (M)	2,122.13	2,224.63	2,331.06
PV of Terminal Value (M)	32,571.99	34,145.23	35,778.69
Equity Value (M)	39,477.05	41,286.72	43,163.43
Shares Outstanding (M)	32.67	32.67	32.67
Fair Value	$1,208.47	$1,263.87	$1,321.32
Upside / Downside	-58.60%	-56.70%	-54.73%

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Arcland Service Holdings Co., Ltd. (3085.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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