DDM Analysis: 3648.T

Valuation Snapshot

Stable Growth	$1,485.37 - $2,807.49	$2,020.64
Multi-Stage	$1,480.26 - $1,621.03	$1,549.34
Blended Fair Value	$1,784.99
Current Price	$958.00
Upside	86.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.63%	5.41%	16.10	12.56	11.65	13.77	11.66	11.68	11.68	11.64	11.11	10.07
YoY Growth	-	-	28.20%	7.78%	-15.37%	18.07%	-0.17%	0.04%	0.30%	4.78%	10.34%	5.89%
Dividend Yield	-	-	1.68%	1.19%	1.53%	1.88%	1.31%	1.39%	1.76%	1.34%	1.38%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,601.86
(-) Cash Dividends Paid (M)	265.94
(=) Cash Retained (M)	1,335.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	320.37	200.23	120.14
Cash Retained (M)	1,335.92	1,335.92	1,335.92
(-) Cash Required (M)	-320.37	-200.23	-120.14
(=) Excess Retained (M)	1,015.55	1,135.69	1,215.78
(/) Shares Outstanding (M)	16.79	16.79	16.79
(=) Excess Retained per Share	60.48	67.64	72.41
LTM Dividend per Share	15.84	15.84	15.84
(+) Excess Retained per Share	60.48	67.64	72.41
(=) Adjusted Dividend	76.32	83.47	88.24
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	3.41%	4.41%	5.41%
Fair Value	$1,485.37	$2,020.64	$2,807.49
Upside / Downside	55.05%	110.92%	193.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,601.86	1,672.46	1,746.17	1,823.12	1,903.47	1,987.36	2,046.98
Payout Ratio	16.60%	31.28%	45.96%	60.64%	75.32%	90.00%	92.50%
Projected Dividends (M)	265.94	523.17	802.56	1,105.55	1,433.70	1,788.63	1,893.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	3.41%	4.41%	5.41%
Year 1 PV (M)	476.60	481.21	485.81
Year 2 PV (M)	666.03	678.98	692.04
Year 3 PV (M)	835.81	860.30	885.25
Year 4 PV (M)	987.41	1,026.16	1,066.04
Year 5 PV (M)	1,122.19	1,177.51	1,234.99
PV of Terminal Value (M)	20,767.37	21,791.13	22,854.88
Equity Value (M)	24,855.41	26,015.28	27,219.03
Shares Outstanding (M)	16.79	16.79	16.79
Fair Value	$1,480.26	$1,549.34	$1,621.03
Upside / Downside	54.52%	61.73%	69.21%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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AGS Corporation (3648.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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