DDM Analysis: 7115.T

Valuation Snapshot

Stable Growth	$2,360.89 - $7,234.96	$3,766.88
Multi-Stage	$8,209.49 - $9,071.76	$8,631.97
Blended Fair Value	$6,199.43
Current Price	$2,767.00
Upside	124.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	21.25	14.18	10.27	5.47	5.27	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	49.86%	38.05%	87.88%	3.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.06%	1.28%	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	974.97
(-) Cash Dividends Paid (M)	263.23
(=) Cash Retained (M)	711.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.99	121.87	73.12
Cash Retained (M)	711.74	711.74	711.74
(-) Cash Required (M)	-194.99	-121.87	-73.12
(=) Excess Retained (M)	516.74	589.87	638.62
(/) Shares Outstanding (M)	9.96	9.96	9.96
(=) Excess Retained per Share	51.90	59.25	64.15
LTM Dividend per Share	26.44	26.44	26.44
(+) Excess Retained per Share	51.90	59.25	64.15
(=) Adjusted Dividend	78.34	85.69	90.59
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2,360.89	$3,766.88	$7,234.96
Upside / Downside	-14.68%	36.14%	161.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	974.97	965.22	955.57	946.01	936.55	927.19	955.00
Payout Ratio	27.00%	39.60%	52.20%	64.80%	77.40%	90.00%	92.50%
Projected Dividends (M)	263.23	382.22	498.80	613.01	724.89	834.47	883.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	373.68	377.49	381.31
Year 2 PV (M)	476.76	486.54	496.42
Year 3 PV (M)	572.84	590.55	608.63
Year 4 PV (M)	662.25	689.69	717.98
Year 5 PV (M)	745.32	784.13	824.54
PV of Terminal Value (M)	78,900.72	83,009.26	87,287.20
Equity Value (M)	81,731.56	85,937.67	90,316.08
Shares Outstanding (M)	9.96	9.96	9.96
Fair Value	$8,209.49	$8,631.97	$9,071.76
Upside / Downside	196.69%	211.96%	227.86%

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Alpha Purchase Co., Ltd. (7115.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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