DDM Analysis: 7504.T

Valuation Snapshot

Stable Growth	$7,274.08 - $36,539.57	$15,127.58
Multi-Stage	$3,932.89 - $4,304.25	$4,115.16
Blended Fair Value	$9,621.37
Current Price	$2,701.00
Upside	256.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.33%	8.98%	54.87	46.86	44.78	42.75	35.78	29.35	28.41	27.39	27.69	23.11
YoY Growth	-	-	17.10%	4.63%	4.76%	19.48%	21.90%	3.33%	3.71%	-1.07%	19.80%	-0.44%
Dividend Yield	-	-	2.03%	1.89%	2.18%	2.80%	2.43%	2.00%	2.48%	2.03%	2.59%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,561.88
(-) Cash Dividends Paid (M)	526.42
(=) Cash Retained (M)	3,035.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	712.38	445.23	267.14
Cash Retained (M)	3,035.46	3,035.46	3,035.46
(-) Cash Required (M)	-712.38	-445.23	-267.14
(=) Excess Retained (M)	2,323.09	2,590.23	2,768.32
(/) Shares Outstanding (M)	19.39	19.39	19.39
(=) Excess Retained per Share	119.83	133.61	142.80
LTM Dividend per Share	27.15	27.15	27.15
(+) Excess Retained per Share	119.83	133.61	142.80
(=) Adjusted Dividend	146.99	160.76	169.95
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,274.08	$15,127.58	$36,539.57
Upside / Downside	169.31%	460.07%	1,252.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,561.88	3,793.40	4,039.97	4,302.57	4,582.23	4,880.08	5,026.48
Payout Ratio	14.78%	29.82%	44.87%	59.91%	74.96%	90.00%	92.50%
Projected Dividends (M)	526.42	1,131.32	1,812.63	2,577.74	3,434.65	4,392.07	4,649.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,041.23	1,051.10	1,060.97
Year 2 PV (M)	1,535.45	1,564.69	1,594.21
Year 3 PV (M)	2,009.68	2,067.37	2,126.15
Year 4 PV (M)	2,464.52	2,559.29	2,656.78
Year 5 PV (M)	2,900.55	3,040.65	3,186.11
PV of Terminal Value (M)	66,292.87	69,494.84	72,819.35
Equity Value (M)	76,244.28	79,777.94	83,443.58
Shares Outstanding (M)	19.39	19.39	19.39
Fair Value	$3,932.89	$4,115.16	$4,304.25
Upside / Downside	45.61%	52.36%	59.36%

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CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
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Kohsoku Corporation (7504.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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