DDM Analysis: 3784.T

Valuation Snapshot

Stable Growth	$2,505.75 - $5,752.97	$3,656.77
Multi-Stage	$1,748.71 - $1,912.25	$1,828.99
Blended Fair Value	$2,742.88
Current Price	$1,289.00
Upside	112.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	23.69%	23.33%	30.47	14.49	14.49	7.69	10.53	10.53	10.50	12.99	7.01	3.74
YoY Growth	-	-	110.33%	0.00%	88.33%	-26.93%	0.02%	0.23%	-19.18%	85.30%	87.35%	0.00%
Dividend Yield	-	-	2.27%	1.25%	1.31%	1.11%	0.85%	2.18%	3.33%	2.73%	1.55%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,053.13
(-) Cash Dividends Paid (M)	85.05
(=) Cash Retained (M)	1,968.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	410.63	256.64	153.98
Cash Retained (M)	1,968.08	1,968.08	1,968.08
(-) Cash Required (M)	-410.63	-256.64	-153.98
(=) Excess Retained (M)	1,557.45	1,711.44	1,814.09
(/) Shares Outstanding (M)	16.83	16.83	16.83
(=) Excess Retained per Share	92.52	101.67	107.77
LTM Dividend per Share	5.05	5.05	5.05
(+) Excess Retained per Share	92.52	101.67	107.77
(=) Adjusted Dividend	97.57	106.72	112.82
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,505.75	$3,656.77	$5,752.97
Upside / Downside	94.39%	183.69%	346.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,053.13	2,186.58	2,328.71	2,480.08	2,641.28	2,812.96	2,897.35
Payout Ratio	4.14%	21.31%	38.49%	55.66%	72.83%	90.00%	92.50%
Projected Dividends (M)	85.05	466.05	896.21	1,380.34	1,923.60	2,531.67	2,680.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	421.20	425.19	429.19
Year 2 PV (M)	732.04	745.98	760.05
Year 3 PV (M)	1,018.98	1,048.23	1,078.03
Year 4 PV (M)	1,283.38	1,332.74	1,383.50
Year 5 PV (M)	1,526.54	1,600.27	1,676.82
PV of Terminal Value (M)	24,454.83	25,636.01	26,862.39
Equity Value (M)	29,436.96	30,788.41	32,189.99
Shares Outstanding (M)	16.83	16.83	16.83
Fair Value	$1,748.71	$1,828.99	$1,912.25
Upside / Downside	35.66%	41.89%	48.35%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Vinx Corp. (3784.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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