DDM Analysis: 4494.T

Valuation Snapshot

Stable Growth	$572.91 - $835.67	$699.90
Multi-Stage	$946.39 - $1,042.30	$993.40
Blended Fair Value	$846.65
Current Price	$805.00
Upside	5.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.09	40.33	33.85	32.68	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-99.78%	19.13%	3.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.01%	6.31%	3.95%	2.85%	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)	346.54
(-) Cash Dividends Paid (M)	0.09
(=) Cash Retained (M)	346.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.31	43.32	25.99
Cash Retained (M)	346.46	346.46	346.46
(-) Cash Required (M)	-69.31	-43.32	-25.99
(=) Excess Retained (M)	277.15	303.14	320.46
(/) Shares Outstanding (M)	4.53	4.53	4.53
(=) Excess Retained per Share	61.15	66.89	70.71
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	61.15	66.89	70.71
(=) Adjusted Dividend	61.17	66.91	70.73
WACC / Discount Rate	8.46%	8.46%	8.46%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$572.91	$699.90	$835.67
Upside / Downside	-28.83%	-13.06%	3.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	346.54	343.08	339.65	336.25	332.89	329.56	339.44
Payout Ratio	0.03%	18.02%	36.02%	54.01%	72.01%	90.00%	92.50%
Projected Dividends (M)	0.09	61.82	122.32	181.61	239.70	296.60	313.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.46%	8.46%	8.46%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	56.42	57.00	57.57
Year 2 PV (M)	101.89	103.98	106.09
Year 3 PV (M)	138.05	142.32	146.68
Year 4 PV (M)	166.30	173.19	180.29
Year 5 PV (M)	187.80	197.58	207.76
PV of Terminal Value (M)	3,638.52	3,827.99	4,025.26
Equity Value (M)	4,288.98	4,502.06	4,723.66
Shares Outstanding (M)	4.53	4.53	4.53
Fair Value	$946.39	$993.40	$1,042.30
Upside / Downside	17.56%	23.40%	29.48%

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TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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Vario Secure Inc. (4494.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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