DDM Analysis: 7936.T

Valuation Snapshot

Stable Growth	$20,083.59 - $23,661.87	$22,174.64
Multi-Stage	$13,547.23 - $14,868.86	$14,195.70
Blended Fair Value	$18,185.17
Current Price	$3,872.00
Upside	369.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.27%	16.25%	20.31	12.52	7.16	9.20	4.60	6.33	9.38	6.23	6.22	6.22
YoY Growth	-	-	62.24%	74.85%	-22.20%	100.03%	-27.30%	-32.51%	50.61%	0.07%	0.00%	38.14%
Dividend Yield	-	-	0.65%	0.72%	0.76%	1.55%	1.04%	2.53%	2.48%	1.26%	1.39%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85,180.00
(-) Cash Dividends Paid (M)	15,796.00
(=) Cash Retained (M)	69,384.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17,036.00	10,647.50	6,388.50
Cash Retained (M)	69,384.00	69,384.00	69,384.00
(-) Cash Required (M)	-17,036.00	-10,647.50	-6,388.50
(=) Excess Retained (M)	52,348.00	58,736.50	62,995.50
(/) Shares Outstanding (M)	715.93	715.93	715.93
(=) Excess Retained per Share	73.12	82.04	87.99
LTM Dividend per Share	22.06	22.06	22.06
(+) Excess Retained per Share	73.12	82.04	87.99
(=) Adjusted Dividend	95.18	104.11	110.06
WACC / Discount Rate	2.43%	2.43%	2.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20,083.59	$22,174.64	$23,661.87
Upside / Downside	418.69%	472.69%	511.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85,180.00	90,716.70	96,613.29	102,893.15	109,581.20	116,703.98	120,205.10
Payout Ratio	18.54%	32.84%	47.13%	61.42%	75.71%	90.00%	92.50%
Projected Dividends (M)	15,796.00	29,787.20	45,530.51	63,194.61	82,962.67	105,033.58	111,189.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.43%	2.43%	2.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28,808.69	29,081.76	29,354.83
Year 2 PV (M)	42,588.30	43,399.49	44,218.33
Year 3 PV (M)	57,169.14	58,810.26	60,482.49
Year 4 PV (M)	72,586.89	75,378.38	78,249.61
Year 5 PV (M)	88,878.66	93,171.54	97,628.71
PV of Terminal Value (M)	9,408,794.04	9,863,242.31	10,335,083.38
Equity Value (M)	9,698,825.72	10,163,083.72	10,645,017.35
Shares Outstanding (M)	715.93	715.93	715.93
Fair Value	$13,547.23	$14,195.70	$14,868.86
Upside / Downside	249.88%	266.62%	284.01%

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LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
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PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
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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%
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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%
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TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
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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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ASICS Corporation (7936.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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