DDM Analysis: 9031.T

Valuation Snapshot

Stable Growth	$58,622.54 - $69,129.43	$64,755.55
Multi-Stage	$39,198.93 - $43,221.46	$41,170.80
Blended Fair Value	$52,963.18
Current Price	$2,337.50
Upside	2,165.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.61%	2.85%	40.74	38.35	33.27	25.61	30.74	35.81	35.84	35.84	36.90	38.56
YoY Growth	-	-	6.22%	15.28%	29.92%	-16.70%	-14.16%	-0.07%	0.00%	-2.88%	-4.30%	25.33%
Dividend Yield	-	-	2.00%	1.49%	1.36%	0.88%	1.14%	1.22%	1.53%	1.19%	1.46%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,082.00
(-) Cash Dividends Paid (M)	891.50
(=) Cash Retained (M)	27,190.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,616.40	3,510.25	2,106.15
Cash Retained (M)	27,190.50	27,190.50	27,190.50
(-) Cash Required (M)	-5,616.40	-3,510.25	-2,106.15
(=) Excess Retained (M)	21,574.10	23,680.25	25,084.35
(/) Shares Outstanding (M)	77.13	77.13	77.13
(=) Excess Retained per Share	279.71	307.02	325.22
LTM Dividend per Share	11.56	11.56	11.56
(+) Excess Retained per Share	279.71	307.02	325.22
(=) Adjusted Dividend	291.27	318.57	336.78
WACC / Discount Rate	-1.25%	-1.25%	-1.25%
Growth Rate	0.63%	1.63%	2.63%
Fair Value	$58,622.54	$64,755.55	$69,129.43
Upside / Downside	2,407.92%	2,670.29%	2,857.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,082.00	28,540.66	29,006.82	29,480.59	29,962.09	30,451.46	31,365.01
Payout Ratio	3.17%	20.54%	37.90%	55.27%	72.63%	90.00%	92.50%
Projected Dividends (M)	891.50	5,862.17	10,994.97	16,293.88	21,762.94	27,406.32	29,012.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.25%	-1.25%	-1.25%
Growth Rate	0.63%	1.63%	2.63%
Year 1 PV (M)	5,877.86	5,936.27	5,994.68
Year 2 PV (M)	11,053.90	11,274.68	11,497.64
Year 3 PV (M)	16,425.06	16,919.59	17,423.95
Year 4 PV (M)	21,996.87	22,884.33	23,798.37
Year 5 PV (M)	27,775.04	29,182.76	30,646.98
PV of Terminal Value (M)	2,940,296.95	3,089,319.01	3,244,323.01
Equity Value (M)	3,023,425.68	3,175,516.63	3,333,684.62
Shares Outstanding (M)	77.13	77.13	77.13
Fair Value	$39,198.93	$41,170.80	$43,221.46
Upside / Downside	1,576.96%	1,661.32%	1,749.05%

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GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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Nishi-Nippon Railroad Co., Ltd. (9031.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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