DDM Analysis: 3031.T

Valuation Snapshot

Stable Growth	$1,969.31 - $7,765.76	$5,402.69
Multi-Stage	$952.66 - $1,041.97	$996.50
Blended Fair Value	$3,199.60
Current Price	$822.00
Upside	289.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.70%	29.22%	15.05	18.38	19.76	19.82	14.46	5.20	4.32	3.67	3.68	1.80
YoY Growth	-	-	-18.11%	-7.02%	-0.30%	37.04%	178.35%	20.27%	17.60%	-0.24%	104.08%	55.72%
Dividend Yield	-	-	1.83%	3.07%	2.77%	1.29%	0.62%	0.44%	0.68%	0.73%	0.53%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	836.98
(-) Cash Dividends Paid (M)	322.55
(=) Cash Retained (M)	514.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	167.40	104.62	62.77
Cash Retained (M)	514.43	514.43	514.43
(-) Cash Required (M)	-167.40	-104.62	-62.77
(=) Excess Retained (M)	347.03	409.81	451.65
(/) Shares Outstanding (M)	21.43	21.43	21.43
(=) Excess Retained per Share	16.19	19.12	21.07
LTM Dividend per Share	15.05	15.05	15.05
(+) Excess Retained per Share	16.19	19.12	21.07
(=) Adjusted Dividend	31.24	34.17	36.12
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,969.31	$5,402.69	$7,765.76
Upside / Downside	139.58%	557.26%	844.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	836.98	891.38	949.32	1,011.02	1,076.74	1,146.73	1,181.13
Payout Ratio	38.54%	48.83%	59.12%	69.41%	79.71%	90.00%	92.50%
Projected Dividends (M)	322.55	435.26	561.26	701.80	858.24	1,032.06	1,092.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	402.31	406.13	409.94
Year 2 PV (M)	479.51	488.64	497.86
Year 3 PV (M)	554.19	570.10	586.31
Year 4 PV (M)	626.43	650.52	675.30
Year 5 PV (M)	696.27	729.90	764.82
PV of Terminal Value (M)	17,660.96	18,513.99	19,399.66
Equity Value (M)	20,419.67	21,359.28	22,333.90
Shares Outstanding (M)	21.43	21.43	21.43
Fair Value	$952.66	$996.50	$1,041.97
Upside / Downside	15.90%	21.23%	26.76%

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RACCOON HOLDINGS, Inc. (3031.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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