DDM Analysis: 7191.T

Valuation Snapshot

Stable Growth	$1,270.33 - $2,771.68	$1,821.57
Multi-Stage	$904.85 - $989.13	$946.22
Blended Fair Value	$1,383.90
Current Price	$904.00
Upside	53.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.63%	0.00%	21.47	15.98	12.98	11.48	10.46	7.43	6.42	5.91	0.00	0.00
YoY Growth	-	-	34.37%	23.13%	13.03%	9.71%	40.76%	15.71%	8.70%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.37%	1.93%	1.38%	2.00%	1.49%	1.00%	1.21%	0.75%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,465.32
(-) Cash Dividends Paid (M)	100.40
(=) Cash Retained (M)	1,364.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	293.06	183.17	109.90
Cash Retained (M)	1,364.92	1,364.92	1,364.92
(-) Cash Required (M)	-293.06	-183.17	-109.90
(=) Excess Retained (M)	1,071.86	1,181.76	1,255.02
(/) Shares Outstanding (M)	22.39	22.39	22.39
(=) Excess Retained per Share	47.87	52.77	56.05
LTM Dividend per Share	4.48	4.48	4.48
(+) Excess Retained per Share	47.87	52.77	56.05
(=) Adjusted Dividend	52.35	57.26	60.53
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,270.33	$1,821.57	$2,771.68
Upside / Downside	40.52%	101.50%	206.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,465.32	1,560.57	1,662.01	1,770.04	1,885.09	2,007.62	2,067.85
Payout Ratio	6.85%	23.48%	40.11%	56.74%	73.37%	90.00%	92.50%
Projected Dividends (M)	100.40	366.44	666.65	1,004.33	1,383.10	1,806.86	1,912.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	330.46	333.59	336.73
Year 2 PV (M)	542.15	552.48	562.90
Year 3 PV (M)	736.57	757.71	779.26
Year 4 PV (M)	914.75	949.92	986.11
Year 5 PV (M)	1,077.66	1,129.72	1,183.76
PV of Terminal Value (M)	16,660.03	17,464.71	18,300.20
Equity Value (M)	20,261.62	21,188.14	22,148.95
Shares Outstanding (M)	22.39	22.39	22.39
Fair Value	$904.85	$946.22	$989.13
Upside / Downside	0.09%	4.67%	9.42%

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Entrust Inc. (7191.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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