DDM Analysis: 6028.T

Valuation Snapshot

Stable Growth	$3,943.67 - $11,490.70	$6,201.10
Multi-Stage	$2,628.39 - $2,872.46	$2,748.21
Blended Fair Value	$4,474.66
Current Price	$4,840.00
Upside	-7.55%
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	13.46%	0.00%	88.53	78.82	87.31	67.62	51.97	47.09	41.59	37.02	36.57	49.26
YoY Growth	-	-	12.31%	-9.72%	29.12%	30.11%	10.36%	13.23%	12.35%	1.21%	-25.75%	0.00%
Dividend Yield	-	-	1.83%	2.84%	2.68%	2.19%	1.54%	2.17%	1.95%	1.56%	2.06%	3.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,365.00
(-) Cash Dividends Paid (M)	3,810.00
(=) Cash Retained (M)	12,555.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,273.00	2,045.63	1,227.38
Cash Retained (M)	12,555.00	12,555.00	12,555.00
(-) Cash Required (M)	-3,273.00	-2,045.63	-1,227.38
(=) Excess Retained (M)	9,282.00	10,509.38	11,327.63
(/) Shares Outstanding (M)	104.31	104.31	104.31
(=) Excess Retained per Share	88.99	100.75	108.60
LTM Dividend per Share	36.53	36.53	36.53
(+) Excess Retained per Share	88.99	100.75	108.60
(=) Adjusted Dividend	125.51	137.28	145.12
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,943.67	$6,201.10	$11,490.70
Upside / Downside	-18.52%	28.12%	137.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,365.00	17,428.73	18,561.59	19,768.10	21,053.02	22,421.47	23,094.11
Payout Ratio	23.28%	36.63%	49.97%	63.31%	76.66%	90.00%	92.50%
Projected Dividends (M)	3,810.00	6,383.29	9,275.01	12,515.69	16,138.46	20,179.32	21,362.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,808.83	5,863.89	5,918.95
Year 2 PV (M)	7,680.72	7,827.02	7,974.69
Year 3 PV (M)	9,431.61	9,702.36	9,978.24
Year 4 PV (M)	11,067.18	11,492.79	11,930.57
Year 5 PV (M)	12,592.88	13,201.12	13,832.64
PV of Terminal Value (M)	227,580.33	238,572.55	249,985.46
Equity Value (M)	274,161.55	286,659.72	299,620.54
Shares Outstanding (M)	104.31	104.31	104.31
Fair Value	$2,628.39	$2,748.21	$2,872.46
Upside / Downside	-45.69%	-43.22%	-40.65%

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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%
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YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
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TechnoPro Holdings, Inc. (6028.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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