DDM Analysis: 6238.T

Valuation Snapshot

Stable Growth	$2,491.82 - $13,773.21	$4,796.89
Multi-Stage	$1,821.36 - $1,995.57	$1,906.85
Blended Fair Value	$3,351.87
Current Price	$1,103.00
Upside	203.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.97%	16.71%	38.94	37.94	53.73	37.20	41.33	32.06	32.06	32.06	26.71	8.71
YoY Growth	-	-	2.63%	-29.38%	44.44%	-10.00%	28.93%	0.00%	0.00%	20.00%	206.72%	4.91%
Dividend Yield	-	-	3.85%	3.61%	4.08%	3.30%	2.94%	3.10%	2.77%	3.37%	1.97%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,853.51
(-) Cash Dividends Paid (M)	515.42
(=) Cash Retained (M)	1,338.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	370.70	231.69	139.01
Cash Retained (M)	1,338.09	1,338.09	1,338.09
(-) Cash Required (M)	-370.70	-231.69	-139.01
(=) Excess Retained (M)	967.38	1,106.40	1,199.07
(/) Shares Outstanding (M)	26.48	26.48	26.48
(=) Excess Retained per Share	36.53	41.78	45.28
LTM Dividend per Share	19.46	19.46	19.46
(+) Excess Retained per Share	36.53	41.78	45.28
(=) Adjusted Dividend	56.00	61.25	64.75
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.36%	5.36%	6.36%
Fair Value	$2,491.82	$4,796.89	$13,773.21
Upside / Downside	125.91%	334.89%	1,148.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,853.51	1,952.88	2,057.59	2,167.91	2,284.15	2,406.62	2,478.82
Payout Ratio	27.81%	40.25%	52.68%	65.12%	77.56%	90.00%	92.50%
Projected Dividends (M)	515.42	785.96	1,084.04	1,411.81	1,771.62	2,165.96	2,292.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.36%	5.36%	6.36%
Year 1 PV (M)	729.57	736.56	743.55
Year 2 PV (M)	934.06	952.05	970.20
Year 3 PV (M)	1,129.21	1,161.98	1,195.38
Year 4 PV (M)	1,315.33	1,366.47	1,419.09
Year 5 PV (M)	1,492.72	1,565.62	1,641.34
PV of Terminal Value (M)	42,628.46	44,710.32	46,872.74
Equity Value (M)	48,229.35	50,493.01	52,842.31
Shares Outstanding (M)	26.48	26.48	26.48
Fair Value	$1,821.36	$1,906.85	$1,995.57
Upside / Downside	65.13%	72.88%	80.92%

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CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
0U6R.L	Bunge Limited	2.86%	$3.05	31.37%
FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
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%
YORW	The York Water Company	2.73%	$0.87	62.37%
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%
0L5A.L	Sempra	2.69%	$2.41	72.79%

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FURYU Corporation (6238.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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