DDM Analysis: 3687.T

Valuation Snapshot

Stable Growth	$2,875.77 - $13,027.59	$6,617.04
Multi-Stage	$1,491.46 - $1,631.55	$1,560.23
Blended Fair Value	$4,088.63
Current Price	$2,046.00
Upside	99.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.58%	28.59%	12.98	9.95	5.03	6.09	7.68	7.18	5.14	4.78	4.09	2.39
YoY Growth	-	-	30.53%	97.69%	-17.39%	-20.65%	6.93%	39.58%	7.63%	16.76%	71.33%	127.48%
Dividend Yield	-	-	0.61%	0.77%	0.41%	0.68%	0.82%	0.46%	0.52%	0.41%	0.57%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,111.35
(-) Cash Dividends Paid (M)	610.00
(=) Cash Retained (M)	1,501.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	422.27	263.92	158.35
Cash Retained (M)	1,501.35	1,501.35	1,501.35
(-) Cash Required (M)	-422.27	-263.92	-158.35
(=) Excess Retained (M)	1,079.08	1,237.43	1,343.00
(/) Shares Outstanding (M)	32.23	32.23	32.23
(=) Excess Retained per Share	33.48	38.39	41.67
LTM Dividend per Share	18.93	18.93	18.93
(+) Excess Retained per Share	33.48	38.39	41.67
(=) Adjusted Dividend	52.41	57.32	60.59
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,875.77	$6,617.04	$13,027.59
Upside / Downside	40.56%	223.41%	536.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,111.35	2,248.58	2,394.74	2,550.40	2,716.18	2,892.73	2,979.51
Payout Ratio	28.89%	41.11%	53.33%	65.56%	77.78%	90.00%	92.50%
Projected Dividends (M)	610.00	924.47	1,277.23	1,671.96	2,112.60	2,603.46	2,756.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	852.51	860.59	868.67
Year 2 PV (M)	1,086.14	1,106.83	1,127.71
Year 3 PV (M)	1,311.13	1,348.77	1,387.12
Year 4 PV (M)	1,527.73	1,586.48	1,646.91
Year 5 PV (M)	1,736.15	1,820.01	1,907.07
PV of Terminal Value (M)	41,557.92	43,565.18	45,649.27
Equity Value (M)	48,071.58	50,287.86	52,586.76
Shares Outstanding (M)	32.23	32.23	32.23
Fair Value	$1,491.46	$1,560.23	$1,631.55
Upside / Downside	-27.10%	-23.74%	-20.26%

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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%

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Fixstars Corporation (3687.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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