DDM Analysis: 3673.T

Valuation Snapshot

Stable Growth	$38.06 - $49.76	$44.21
Multi-Stage	$92.62 - $102.69	$97.55
Blended Fair Value	$70.88
Current Price	$735.00
Upside	-90.36%
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	-39.93%	-19.58%	0.97	0.96	4.50	10.11	12.46	12.34	10.51	11.41	7.83	6.25
YoY Growth	-	-	0.47%	-78.63%	-55.53%	-18.87%	0.93%	17.43%	-7.83%	45.70%	25.22%	-26.71%
Dividend Yield	-	-	0.14%	0.19%	1.10%	2.74%	2.29%	2.63%	1.81%	2.16%	2.05%	1.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,054.97
(-) Cash Dividends Paid (M)	404.90
(=) Cash Retained (M)	650.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	210.99	131.87	79.12
Cash Retained (M)	650.08	650.08	650.08
(-) Cash Required (M)	-210.99	-131.87	-79.12
(=) Excess Retained (M)	439.08	518.20	570.95
(/) Shares Outstanding (M)	92.00	92.00	92.00
(=) Excess Retained per Share	4.77	5.63	6.21
LTM Dividend per Share	4.40	4.40	4.40
(+) Excess Retained per Share	4.77	5.63	6.21
(=) Adjusted Dividend	9.17	10.03	10.61
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	-12.86%	-11.86%	-10.86%
Fair Value	$38.06	$44.21	$49.76
Upside / Downside	-94.82%	-93.98%	-93.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,054.97	929.83	819.53	722.32	636.64	561.12	577.95
Payout Ratio	38.38%	48.70%	59.03%	69.35%	79.68%	90.00%	92.50%
Projected Dividends (M)	404.90	452.86	483.75	500.94	507.25	505.01	534.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	-12.86%	-11.86%	-10.86%
Year 1 PV (M)	414.02	418.78	423.53
Year 2 PV (M)	404.34	413.67	423.11
Year 3 PV (M)	382.79	396.12	409.76
Year 4 PV (M)	354.37	370.92	388.04
Year 5 PV (M)	322.55	341.48	361.30
PV of Terminal Value (M)	6,643.43	7,033.48	7,441.64
Equity Value (M)	8,521.50	8,974.45	9,447.38
Shares Outstanding (M)	92.00	92.00	92.00
Fair Value	$92.62	$97.55	$102.69
Upside / Downside	-87.40%	-86.73%	-86.03%

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Broadleaf Co., Ltd. (3673.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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