DDM Analysis: 3852.T

Valuation Snapshot

Stable Growth	$2,343.22 - $5,915.11	$3,527.85
Multi-Stage	$1,600.33 - $1,749.75	$1,673.68
Blended Fair Value	$2,600.77
Current Price	$1,320.00
Upside	97.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	9.03%	12.88%	19.98	17.89	17.04	14.90	12.95	12.97	10.93	8.63	6.99	5.95
YoY Growth	-	-	11.71%	4.98%	14.36%	15.06%	-0.16%	18.71%	26.69%	23.38%	17.42%	0.04%
Dividend Yield	-	-	1.38%	1.56%	1.08%	0.88%	0.61%	1.18%	1.32%	1.55%	1.73%	1.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	835.14
(-) Cash Dividends Paid (M)	85.78
(=) Cash Retained (M)	749.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	167.03	104.39	62.64
Cash Retained (M)	749.36	749.36	749.36
(-) Cash Required (M)	-167.03	-104.39	-62.64
(=) Excess Retained (M)	582.33	644.97	686.72
(/) Shares Outstanding (M)	8.02	8.02	8.02
(=) Excess Retained per Share	72.60	80.41	85.62
LTM Dividend per Share	10.69	10.69	10.69
(+) Excess Retained per Share	72.60	80.41	85.62
(=) Adjusted Dividend	83.30	91.11	96.31
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,343.22	$3,527.85	$5,915.11
Upside / Downside	77.52%	167.26%	348.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	835.14	889.42	947.24	1,008.81	1,074.38	1,144.21	1,178.54
Payout Ratio	10.27%	26.22%	42.16%	58.11%	74.05%	90.00%	92.50%
Projected Dividends (M)	85.78	233.18	399.38	586.20	795.62	1,029.79	1,090.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	211.43	213.44	215.44
Year 2 PV (M)	328.36	334.61	340.93
Year 3 PV (M)	437.01	449.55	462.33
Year 4 PV (M)	537.81	558.49	579.76
Year 5 PV (M)	631.17	661.66	693.31
PV of Terminal Value (M)	10,690.02	11,206.35	11,742.44
Equity Value (M)	12,835.80	13,424.10	14,034.22
Shares Outstanding (M)	8.02	8.02	8.02
Fair Value	$1,600.33	$1,673.68	$1,749.75
Upside / Downside	21.24%	26.79%	32.56%

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Cyber Com Co., Ltd. (3852.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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