DDM Analysis: 9948.T

Valuation Snapshot

Stable Growth	$8,339.61 - $42,784.75	$17,035.71
Multi-Stage	$6,581.40 - $7,215.05	$6,892.31
Blended Fair Value	$11,964.01
Current Price	$3,025.00
Upside	295.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.31%	6.00%	72.88	60.60	60.37	59.47	52.24	53.67	49.85	49.26	43.22	44.29
YoY Growth	-	-	20.27%	0.37%	1.53%	13.83%	-2.66%	7.66%	1.20%	13.97%	-2.43%	8.88%
Dividend Yield	-	-	2.54%	2.04%	2.57%	3.07%	2.19%	2.49%	2.35%	1.67%	1.80%	1.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,777.00
(-) Cash Dividends Paid (M)	3,995.00
(=) Cash Retained (M)	7,782.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,355.40	1,472.13	883.28
Cash Retained (M)	7,782.00	7,782.00	7,782.00
(-) Cash Required (M)	-2,355.40	-1,472.13	-883.28
(=) Excess Retained (M)	5,426.60	6,309.88	6,898.73
(/) Shares Outstanding (M)	53.98	53.98	53.98
(=) Excess Retained per Share	100.53	116.89	127.80
LTM Dividend per Share	74.01	74.01	74.01
(+) Excess Retained per Share	100.53	116.89	127.80
(=) Adjusted Dividend	174.54	190.90	201.81
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	4.00%	5.00%	6.00%
Fair Value	$8,339.61	$17,035.71	$42,784.75
Upside / Downside	175.69%	463.16%	1,314.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,777.00	12,366.26	12,985.01	13,634.71	14,316.93	15,033.27	15,484.27
Payout Ratio	33.92%	45.14%	56.35%	67.57%	78.78%	90.00%	92.50%
Projected Dividends (M)	3,995.00	5,581.84	7,317.47	9,212.81	11,279.51	13,529.95	14,322.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	4.00%	5.00%	6.00%
Year 1 PV (M)	5,206.89	5,256.95	5,307.02
Year 2 PV (M)	6,367.41	6,490.44	6,614.66
Year 3 PV (M)	7,478.16	7,695.95	7,917.93
Year 4 PV (M)	8,540.70	8,873.94	9,216.85
Year 5 PV (M)	9,556.53	10,024.88	10,511.42
PV of Terminal Value (M)	318,118.32	333,708.89	349,904.82
Equity Value (M)	355,268.00	372,051.06	389,472.69
Shares Outstanding (M)	53.98	53.98	53.98
Fair Value	$6,581.40	$6,892.31	$7,215.05
Upside / Downside	117.57%	127.85%	138.51%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 14 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
UVSP	Univest Financial Corporation	2.69%	$0.87	28.95%
VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
CBT	Cabot Corporation	2.68%	$1.80	29.00%
PKOH	Park-Ohio Holdings Corp.	2.68%	$0.56	33.19%
WINA	Winmark Corporation	2.68%	$10.76	96.24%
CHCO	City Holding Company	2.67%	$3.20	36.27%
IDA	IDACORP, Inc.	2.67%	$3.40	58.98%
LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Ticker

Industry

Sector

ARCS Company Limited (9948.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener