DDM Analysis: 4819.T

Valuation Snapshot

Stable Growth	$624.84 - $953.25	$778.62
Multi-Stage	$1,366.88 - $1,501.76	$1,433.01
Blended Fair Value	$1,105.81
Current Price	$3,615.00
Upside	-69.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.00%	23.26%	41.22	37.08	35.84	32.08	38.04	28.05	23.35	20.52	30.63	25.57
YoY Growth	-	-	11.15%	3.46%	11.74%	-15.68%	35.61%	20.13%	13.79%	-33.01%	19.81%	402.19%
Dividend Yield	-	-	0.87%	1.49%	0.93%	0.87%	0.76%	0.82%	0.65%	0.48%	1.45%	1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,232.00
(-) Cash Dividends Paid (M)	2,428.00
(=) Cash Retained (M)	804.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	646.40	404.00	242.40
Cash Retained (M)	804.00	804.00	804.00
(-) Cash Required (M)	-646.40	-404.00	-242.40
(=) Excess Retained (M)	157.60	400.00	561.60
(/) Shares Outstanding (M)	45.95	45.95	45.95
(=) Excess Retained per Share	3.43	8.70	12.22
LTM Dividend per Share	52.84	52.84	52.84
(+) Excess Retained per Share	3.43	8.70	12.22
(=) Adjusted Dividend	56.27	61.54	65.06
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$624.84	$778.62	$953.25
Upside / Downside	-82.72%	-78.46%	-73.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,232.00	3,199.68	3,167.68	3,136.01	3,104.65	3,073.60	3,165.81
Payout Ratio	75.12%	78.10%	81.07%	84.05%	87.02%	90.00%	92.50%
Projected Dividends (M)	2,428.00	2,498.92	2,568.18	2,635.80	2,701.81	2,766.24	2,928.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2,315.64	2,339.27	2,362.89
Year 2 PV (M)	2,205.27	2,250.50	2,296.20
Year 3 PV (M)	2,097.33	2,162.19	2,228.38
Year 4 PV (M)	1,992.18	2,074.75	2,159.85
Year 5 PV (M)	1,890.09	1,988.51	2,090.99
PV of Terminal Value (M)	52,311.57	55,035.56	57,871.85
Equity Value (M)	62,812.07	65,850.77	69,010.16
Shares Outstanding (M)	45.95	45.95	45.95
Fair Value	$1,366.88	$1,433.01	$1,501.76
Upside / Downside	-62.19%	-60.36%	-58.46%

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Digital Garage, Inc. (4819.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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