DDM Analysis: 3769.T

Valuation Snapshot

Stable Growth	$10,060.93 - $51,806.56	$20,480.36
Multi-Stage	$5,668.27 - $6,194.19	$5,926.44
Blended Fair Value	$13,203.40
Current Price	$9,341.00
Upside	41.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.87%	31.97%	87.67	157.62	58.11	49.73	34.42	27.74	19.28	13.01	7.79	6.72
YoY Growth	-	-	-44.38%	171.22%	16.86%	44.49%	24.05%	43.88%	48.19%	67.04%	15.88%	22.82%
Dividend Yield	-	-	1.10%	1.61%	0.53%	0.35%	0.25%	0.37%	0.41%	0.28%	0.30%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,043.97
(-) Cash Dividends Paid (M)	9,399.42
(=) Cash Retained (M)	10,644.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,008.79	2,505.50	1,503.30
Cash Retained (M)	10,644.55	10,644.55	10,644.55
(-) Cash Required (M)	-4,008.79	-2,505.50	-1,503.30
(=) Excess Retained (M)	6,635.75	8,139.05	9,141.25
(/) Shares Outstanding (M)	76.94	76.94	76.94
(=) Excess Retained per Share	86.24	105.78	118.80
LTM Dividend per Share	122.16	122.16	122.16
(+) Excess Retained per Share	86.24	105.78	118.80
(=) Adjusted Dividend	208.40	227.94	240.96
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,060.93	$20,480.36	$51,806.56
Upside / Downside	7.71%	119.25%	454.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,043.97	21,346.83	22,734.37	24,212.10	25,785.89	27,461.97	28,285.83
Payout Ratio	46.89%	55.52%	64.14%	72.76%	81.38%	90.00%	92.50%
Projected Dividends (M)	9,399.42	11,850.74	14,581.01	17,616.15	20,984.25	24,715.78	26,164.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,901.64	11,004.97	11,108.30
Year 2 PV (M)	12,339.02	12,574.04	12,811.28
Year 3 PV (M)	13,713.56	14,107.23	14,508.36
Year 4 PV (M)	15,027.24	15,605.15	16,199.56
Year 5 PV (M)	16,281.96	17,068.38	17,884.91
PV of Terminal Value (M)	367,880.35	385,649.11	404,097.92
Equity Value (M)	436,143.77	456,008.88	476,610.34
Shares Outstanding (M)	76.94	76.94	76.94
Fair Value	$5,668.27	$5,926.44	$6,194.19
Upside / Downside	-39.32%	-36.55%	-33.69%

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GMO Payment Gateway, Inc. (3769.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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