DDM Analysis: 3679.T

Valuation Snapshot

Stable Growth	$1,818.10 - $7,860.65	$4,411.84
Multi-Stage	$917.46 - $1,003.81	$959.85
Blended Fair Value	$2,685.84
Current Price	$555.00
Upside	383.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	27.45%	0.00%	6.73	4.14	3.77	3.23	3.32	2.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	62.50%	10.05%	16.67%	-2.70%	65.67%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.39%	0.70%	0.48%	1.02%	0.79%	0.59%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,968.00
(-) Cash Dividends Paid (M)	1,054.00
(=) Cash Retained (M)	2,914.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	793.60	496.00	297.60
Cash Retained (M)	2,914.00	2,914.00	2,914.00
(-) Cash Required (M)	-793.60	-496.00	-297.60
(=) Excess Retained (M)	2,120.40	2,418.00	2,616.40
(/) Shares Outstanding (M)	100.39	100.39	100.39
(=) Excess Retained per Share	21.12	24.09	26.06
LTM Dividend per Share	10.50	10.50	10.50
(+) Excess Retained per Share	21.12	24.09	26.06
(=) Adjusted Dividend	31.62	34.58	36.56
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,818.10	$4,411.84	$7,860.65
Upside / Downside	227.58%	694.93%	1,316.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,968.00	4,225.92	4,500.60	4,793.14	5,104.70	5,436.50	5,599.60
Payout Ratio	26.56%	39.25%	51.94%	64.63%	77.31%	90.00%	92.50%
Projected Dividends (M)	1,054.00	1,658.67	2,337.50	3,097.57	3,946.57	4,892.85	5,179.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,530.82	1,545.33	1,559.84
Year 2 PV (M)	1,991.02	2,028.95	2,067.23
Year 3 PV (M)	2,435.05	2,504.95	2,576.17
Year 4 PV (M)	2,863.31	2,973.42	3,086.68
Year 5 PV (M)	3,276.21	3,434.46	3,598.76
PV of Terminal Value (M)	80,007.96	83,872.37	87,884.69
Equity Value (M)	92,104.36	96,359.47	100,773.36
Shares Outstanding (M)	100.39	100.39	100.39
Fair Value	$917.46	$959.85	$1,003.81
Upside / Downside	65.31%	72.95%	80.87%

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STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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ZIGExN Co., Ltd. (3679.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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