DDM Analysis: 7013.T

Valuation Snapshot

Stable Growth	$7,102.02 - $23,313.68	$21,839.88
Multi-Stage	$11,208.28 - $12,348.85	$11,767.47
Blended Fair Value	$16,803.68
Current Price	$2,760.00
Upside	508.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.03%	0.91%	14.30	14.29	11.43	4.29	2.81	10.18	8.72	4.36	0.02	8.72
YoY Growth	-	-	0.07%	25.06%	166.68%	52.23%	-72.36%	16.77%	100.02%	28,775.00%	-99.83%	-33.25%
Dividend Yield	-	-	0.64%	2.02%	2.06%	0.83%	0.75%	4.58%	2.35%	0.79%	0.00%	2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	129,343.00
(-) Cash Dividends Paid (M)	18,228.00
(=) Cash Retained (M)	111,115.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25,868.60	16,167.88	9,700.73
Cash Retained (M)	111,115.00	111,115.00	111,115.00
(-) Cash Required (M)	-25,868.60	-16,167.88	-9,700.73
(=) Excess Retained (M)	85,246.40	94,947.13	101,414.28
(/) Shares Outstanding (M)	1,059.71	1,059.71	1,059.71
(=) Excess Retained per Share	80.44	89.60	95.70
LTM Dividend per Share	17.20	17.20	17.20
(+) Excess Retained per Share	80.44	89.60	95.70
(=) Adjusted Dividend	97.64	106.80	112.90
WACC / Discount Rate	2.64%	2.64%	2.64%
Growth Rate	1.25%	2.25%	3.25%
Fair Value	$7,102.02	$21,839.88	$23,313.68
Upside / Downside	157.32%	691.30%	744.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	129,343.00	132,251.45	135,225.31	138,266.03	141,375.13	144,554.15	148,890.77
Payout Ratio	14.09%	29.27%	44.46%	59.64%	74.82%	90.00%	92.50%
Projected Dividends (M)	18,228.00	38,715.57	60,115.30	82,457.86	105,774.83	130,098.73	137,723.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.64%	2.64%	2.64%
Growth Rate	1.25%	2.25%	3.25%
Year 1 PV (M)	37,350.62	37,719.52	38,088.42
Year 2 PV (M)	55,951.19	57,061.87	58,183.47
Year 3 PV (M)	74,040.35	76,255.91	78,515.23
Year 4 PV (M)	91,628.57	95,302.50	99,085.81
Year 5 PV (M)	108,726.09	114,202.47	119,897.33
PV of Terminal Value (M)	11,509,865.11	12,089,600.34	12,692,464.07
Equity Value (M)	11,877,561.93	12,470,142.60	13,086,234.32
Shares Outstanding (M)	1,059.71	1,059.71	1,059.71
Fair Value	$11,208.28	$11,767.47	$12,348.85
Upside / Downside	306.10%	326.36%	347.42%

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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%
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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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IHI Corporation (7013.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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