DDM Analysis: 6532.T

Valuation Snapshot

Stable Growth	$3,058.15 - $5,262.40	$4,008.56
Multi-Stage	$2,462.18 - $2,683.39	$2,570.81
Blended Fair Value	$3,289.69
Current Price	$8,399.00
Upside	-60.83%
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	52.85%	0.00%	50.13	41.28	31.28	20.67	11.57	6.01	6.52	3.04	0.00	1.99
YoY Growth	-	-	21.44%	31.98%	51.32%	78.67%	92.55%	-7.87%	114.65%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.65%	1.29%	0.61%	0.51%	0.35%	0.77%	1.79%	0.72%	0.00%	1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,926.00
(-) Cash Dividends Paid (M)	9,428.00
(=) Cash Retained (M)	25,498.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,985.20	4,365.75	2,619.45
Cash Retained (M)	25,498.00	25,498.00	25,498.00
(-) Cash Required (M)	-6,985.20	-4,365.75	-2,619.45
(=) Excess Retained (M)	18,512.80	21,132.25	22,878.55
(/) Shares Outstanding (M)	151.97	151.97	151.97
(=) Excess Retained per Share	121.82	139.05	150.54
LTM Dividend per Share	62.04	62.04	62.04
(+) Excess Retained per Share	121.82	139.05	150.54
(=) Adjusted Dividend	183.85	201.09	212.58
WACC / Discount Rate	11.84%	11.84%	11.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,058.15	$4,008.56	$5,262.40
Upside / Downside	-63.59%	-52.27%	-37.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,926.00	37,196.19	39,613.94	42,188.85	44,931.12	47,851.65	49,287.20
Payout Ratio	26.99%	39.60%	52.20%	64.80%	77.40%	90.00%	92.50%
Projected Dividends (M)	9,428.00	14,727.97	20,677.10	27,337.40	34,776.17	43,066.48	45,590.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.84%	11.84%	11.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,044.83	13,168.48	13,292.13
Year 2 PV (M)	16,221.12	16,530.08	16,841.96
Year 3 PV (M)	18,995.19	19,540.48	20,096.10
Year 4 PV (M)	21,402.47	22,225.55	23,072.14
Year 5 PV (M)	23,475.62	24,609.50	25,786.77
PV of Terminal Value (M)	281,042.83	294,617.30	308,711.31
Equity Value (M)	374,182.05	390,691.39	407,800.41
Shares Outstanding (M)	151.97	151.97	151.97
Fair Value	$2,462.18	$2,570.81	$2,683.39
Upside / Downside	-70.68%	-69.39%	-68.05%

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PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
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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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BayCurrent Consulting, Inc. (6532.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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