DDM Analysis: 4088.T

Valuation Snapshot

Stable Growth	$18,847.21 - $43,797.47	$41,044.64
Multi-Stage	$6,462.09 - $7,074.10	$6,762.47
Blended Fair Value	$23,903.55
Current Price	$2,153.00
Upside	1,010.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.49%	11.06%	65.99	61.97	56.94	48.93	45.69	35.06	34.35	31.75	23.95	24.81
YoY Growth	-	-	6.49%	8.83%	16.36%	7.11%	30.32%	2.05%	8.20%	32.58%	-3.45%	7.27%
Dividend Yield	-	-	3.07%	2.85%	2.86%	2.87%	2.67%	2.30%	1.86%	1.56%	1.16%	1.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50,437.00
(-) Cash Dividends Paid (M)	16,608.00
(=) Cash Retained (M)	33,829.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,087.40	6,304.63	3,782.78
Cash Retained (M)	33,829.00	33,829.00	33,829.00
(-) Cash Required (M)	-10,087.40	-6,304.63	-3,782.78
(=) Excess Retained (M)	23,741.60	27,524.38	30,046.23
(/) Shares Outstanding (M)	229.02	229.02	229.02
(=) Excess Retained per Share	103.66	120.18	131.19
LTM Dividend per Share	72.52	72.52	72.52
(+) Excess Retained per Share	103.66	120.18	131.19
(=) Adjusted Dividend	176.18	192.70	203.71
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18,847.21	$41,044.64	$43,797.47
Upside / Downside	775.39%	1,806.39%	1,934.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50,437.00	53,715.41	57,206.91	60,925.36	64,885.50	69,103.06	71,176.15
Payout Ratio	32.93%	44.34%	55.76%	67.17%	78.59%	90.00%	92.50%
Projected Dividends (M)	16,608.00	23,818.79	31,896.81	40,924.34	50,990.69	62,192.75	65,837.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22,157.93	22,367.96	22,577.99
Year 2 PV (M)	27,603.64	28,129.41	28,660.14
Year 3 PV (M)	32,946.58	33,892.36	34,856.06
Year 4 PV (M)	38,188.18	39,656.79	41,167.36
Year 5 PV (M)	43,329.88	45,422.73	47,595.67
PV of Terminal Value (M)	1,315,745.31	1,379,296.30	1,445,279.54
Equity Value (M)	1,479,971.52	1,548,765.55	1,620,136.76
Shares Outstanding (M)	229.02	229.02	229.02
Fair Value	$6,462.09	$6,762.47	$7,074.10
Upside / Downside	200.14%	214.10%	228.57%

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Air Water Inc. (4088.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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