DDM Analysis: 2428.T

Valuation Snapshot

Stable Growth	$605.03 - $968.08	$769.52
Multi-Stage	$967.77 - $1,062.27	$1,014.12
Blended Fair Value	$891.82
Current Price	$716.00
Upside	24.56%
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	-14.92%	-0.91%	22.03	16.73	14.05	15.33	13.00	49.40	48.91	49.74	39.20	25.14
YoY Growth	-	-	31.68%	19.08%	-8.38%	17.96%	-73.69%	1.01%	-1.68%	26.91%	55.94%	4.18%
Dividend Yield	-	-	3.08%	2.26%	2.39%	2.59%	2.47%	8.26%	6.88%	4.80%	3.29%	1.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,090.10
(-) Cash Dividends Paid (M)	417.38
(=) Cash Retained (M)	672.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	218.02	136.26	81.76
Cash Retained (M)	672.73	672.73	672.73
(-) Cash Required (M)	-218.02	-136.26	-81.76
(=) Excess Retained (M)	454.71	536.47	590.97
(/) Shares Outstanding (M)	18.96	18.96	18.96
(=) Excess Retained per Share	23.98	28.29	31.16
LTM Dividend per Share	22.01	22.01	22.01
(+) Excess Retained per Share	23.98	28.29	31.16
(=) Adjusted Dividend	45.99	50.30	53.17
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	0.08%	1.08%	2.08%
Fair Value	$605.03	$769.52	$968.08
Upside / Downside	-15.50%	7.48%	35.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,090.10	1,101.86	1,113.74	1,125.74	1,137.88	1,150.15	1,184.65
Payout Ratio	38.29%	48.63%	58.97%	69.32%	79.66%	90.00%	92.50%
Projected Dividends (M)	417.38	535.83	656.80	780.31	906.41	1,035.13	1,095.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	0.08%	1.08%	2.08%
Year 1 PV (M)	492.67	497.60	502.52
Year 2 PV (M)	555.25	566.40	577.67
Year 3 PV (M)	606.53	624.89	643.62
Year 4 PV (M)	647.79	674.07	701.15
Year 5 PV (M)	680.20	714.87	750.94
PV of Terminal Value (M)	15,370.71	16,154.14	16,969.20
Equity Value (M)	18,353.15	19,231.98	20,145.10
Shares Outstanding (M)	18.96	18.96	18.96
Fair Value	$967.77	$1,014.12	$1,062.27
Upside / Downside	35.16%	41.64%	48.36%

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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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Wellnet Corporation (2428.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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