DDM Analysis: 9251.T

Valuation Snapshot

Stable Growth	$652.39 - $1,005.54	$816.59
Multi-Stage	$1,451.98 - $1,598.63	$1,523.86
Blended Fair Value	$1,170.22
Current Price	$960.00
Upside	21.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	29.68	29.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.58%	3.05%	0.00%	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)	1,009.00
(-) Cash Dividends Paid (M)	397.00
(=) Cash Retained (M)	612.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	201.80	126.13	75.68
Cash Retained (M)	612.00	612.00	612.00
(-) Cash Required (M)	-201.80	-126.13	-75.68
(=) Excess Retained (M)	410.20	485.88	536.33
(/) Shares Outstanding (M)	14.22	14.22	14.22
(=) Excess Retained per Share	28.85	34.17	37.72
LTM Dividend per Share	27.92	27.92	27.92
(+) Excess Retained per Share	28.85	34.17	37.72
(=) Adjusted Dividend	56.77	62.09	65.64
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$652.39	$816.59	$1,005.54
Upside / Downside	-32.04%	-14.94%	4.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,009.00	998.91	988.92	979.03	969.24	959.55	988.34
Payout Ratio	39.35%	49.48%	59.61%	69.74%	79.87%	90.00%	92.50%
Projected Dividends (M)	397.00	494.23	589.47	682.76	774.13	863.59	914.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	459.25	463.94	468.63
Year 2 PV (M)	509.00	519.44	529.99
Year 3 PV (M)	547.83	564.78	582.06
Year 4 PV (M)	577.19	601.11	625.77
Year 5 PV (M)	598.33	629.49	661.93
PV of Terminal Value (M)	17,953.07	18,887.93	19,861.33
Equity Value (M)	20,644.68	21,666.69	22,729.71
Shares Outstanding (M)	14.22	14.22	14.22
Fair Value	$1,451.98	$1,523.86	$1,598.63
Upside / Downside	51.25%	58.74%	66.52%

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AB&Company Co.,Ltd. (9251.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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