DDM Analysis: 3391.T

Valuation Snapshot

Stable Growth	$22,153.41 - $57,724.20	$54,096.03
Multi-Stage	$8,315.35 - $9,096.54	$8,698.79
Blended Fair Value	$31,397.41
Current Price	$2,250.50
Upside	1,295.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.27%	14.97%	143.62	137.78	99.42	82.95	87.52	73.73	73.59	76.75	57.82	47.07
YoY Growth	-	-	4.23%	38.59%	19.86%	-5.23%	18.71%	0.18%	-4.11%	32.74%	22.83%	32.22%
Dividend Yield	-	-	6.38%	8.06%	4.66%	5.35%	3.16%	2.60%	3.18%	3.02%	2.21%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,365.00
(-) Cash Dividends Paid (M)	14,035.00
(=) Cash Retained (M)	14,330.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,673.00	3,545.63	2,127.38
Cash Retained (M)	14,330.00	14,330.00	14,330.00
(-) Cash Required (M)	-5,673.00	-3,545.63	-2,127.38
(=) Excess Retained (M)	8,657.00	10,784.38	12,202.63
(/) Shares Outstanding (M)	97.72	97.72	97.72
(=) Excess Retained per Share	88.59	110.35	124.87
LTM Dividend per Share	143.62	143.62	143.62
(+) Excess Retained per Share	88.59	110.35	124.87
(=) Adjusted Dividend	232.20	253.97	268.48
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22,153.41	$54,096.03	$57,724.20
Upside / Downside	884.38%	2,303.73%	2,464.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,365.00	30,208.73	32,172.29	34,263.49	36,490.62	38,862.51	40,028.38
Payout Ratio	49.48%	57.58%	65.69%	73.79%	81.90%	90.00%	92.50%
Projected Dividends (M)	14,035.00	17,395.39	21,133.33	25,283.71	29,884.36	34,976.26	37,026.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,164.27	16,317.49	16,470.70
Year 2 PV (M)	18,247.86	18,595.43	18,946.28
Year 3 PV (M)	20,286.49	20,868.84	21,462.23
Year 4 PV (M)	22,280.85	23,137.71	24,019.05
Year 5 PV (M)	24,231.67	25,402.06	26,617.26
PV of Terminal Value (M)	711,405.33	745,766.48	781,442.70
Equity Value (M)	812,616.47	850,088.01	888,958.23
Shares Outstanding (M)	97.72	97.72	97.72
Fair Value	$8,315.35	$8,698.79	$9,096.54
Upside / Downside	269.49%	286.53%	304.20%

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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%
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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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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%

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Tsuruha Holdings Inc. (3391.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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