DDM Analysis: 4023.T

Valuation Snapshot

Stable Growth	$2,484.59 - $4,443.60	$3,307.94
Multi-Stage	$4,298.13 - $4,719.74	$4,504.90
Blended Fair Value	$3,906.42
Current Price	$3,820.00
Upside	2.26%
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	5.25%	8.96%	99.73	112.74	104.42	71.01	71.01	77.22	61.87	43.51	40.45	44.11
YoY Growth	-	-	-11.54%	7.97%	47.05%	0.00%	-8.04%	24.80%	42.20%	7.57%	-8.30%	4.35%
Dividend Yield	-	-	3.17%	4.01%	3.82%	2.23%	3.31%	4.92%	2.50%	1.65%	2.19%	3.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,468.00
(-) Cash Dividends Paid (M)	4,431.00
(=) Cash Retained (M)	4,037.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,693.60	1,058.50	635.10
Cash Retained (M)	4,037.00	4,037.00	4,037.00
(-) Cash Required (M)	-1,693.60	-1,058.50	-635.10
(=) Excess Retained (M)	2,343.40	2,978.50	3,401.90
(/) Shares Outstanding (M)	46.73	46.73	46.73
(=) Excess Retained per Share	50.15	63.75	72.81
LTM Dividend per Share	94.83	94.83	94.83
(+) Excess Retained per Share	50.15	63.75	72.81
(=) Adjusted Dividend	144.98	158.58	167.64
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.61%	1.61%	2.61%
Fair Value	$2,484.59	$3,307.94	$4,443.60
Upside / Downside	-34.96%	-13.40%	16.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,468.00	8,604.75	8,743.70	8,884.90	9,028.38	9,174.17	9,449.40
Payout Ratio	52.33%	59.86%	67.40%	74.93%	82.47%	90.00%	92.50%
Projected Dividends (M)	4,431.00	5,150.90	5,892.89	6,657.51	7,445.28	8,256.76	8,740.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.61%	1.61%	2.61%
Year 1 PV (M)	4,789.55	4,837.16	4,884.76
Year 2 PV (M)	5,095.10	5,196.88	5,299.67
Year 3 PV (M)	5,352.39	5,513.57	5,677.96
Year 4 PV (M)	5,565.82	5,790.41	6,021.73
Year 5 PV (M)	5,739.44	6,030.39	6,333.01
PV of Terminal Value (M)	174,288.21	183,123.25	192,313.01
Equity Value (M)	200,830.51	210,491.66	220,530.14
Shares Outstanding (M)	46.73	46.73	46.73
Fair Value	$4,298.13	$4,504.90	$4,719.74
Upside / Downside	12.52%	17.93%	23.55%

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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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Kureha Corporation (4023.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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