DDM Analysis: 4666.T

Valuation Snapshot

Stable Growth	$1,315.66 - $2,615.39	$1,824.35
Multi-Stage	$2,141.05 - $2,355.30	$2,246.11
Blended Fair Value	$2,035.23
Current Price	$2,023.50
Upside	0.58%
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	0.00%	0.00%	0.00	0.01	0.04	0.02	59.23	59.24	56.25	52.09	43.81	39.70
YoY Growth	-	-	-100.00%	-85.71%	133.33%	-99.97%	-0.02%	5.31%	7.99%	18.89%	10.37%	25.51%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	2.90%	2.15%	2.17%	1.91%	1.41%	1.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,597.00
(-) Cash Dividends Paid (M)	853.00
(=) Cash Retained (M)	13,744.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,919.40	1,824.63	1,094.78
Cash Retained (M)	13,744.00	13,744.00	13,744.00
(-) Cash Required (M)	-2,919.40	-1,824.63	-1,094.78
(=) Excess Retained (M)	10,824.60	11,919.38	12,649.23
(/) Shares Outstanding (M)	182.66	182.66	182.66
(=) Excess Retained per Share	59.26	65.25	69.25
LTM Dividend per Share	4.67	4.67	4.67
(+) Excess Retained per Share	59.26	65.25	69.25
(=) Adjusted Dividend	63.93	69.92	73.92
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	1.16%	2.16%	3.16%
Fair Value	$1,315.66	$1,824.35	$2,615.39
Upside / Downside	-34.98%	-9.84%	29.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,597.00	14,912.69	15,235.20	15,564.69	15,901.30	16,245.20	16,732.56
Payout Ratio	5.84%	22.67%	39.51%	56.34%	73.17%	90.00%	92.50%
Projected Dividends (M)	853.00	3,381.44	6,018.85	8,768.75	11,634.78	14,620.68	15,477.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.08%	6.08%	6.08%
Growth Rate	1.16%	2.16%	3.16%
Year 1 PV (M)	3,156.48	3,187.68	3,218.88
Year 2 PV (M)	5,244.64	5,348.84	5,454.06
Year 3 PV (M)	7,132.48	7,346.10	7,563.93
Year 4 PV (M)	8,834.10	9,188.62	9,553.70
Year 5 PV (M)	10,362.69	10,885.10	11,428.36
PV of Terminal Value (M)	356,353.72	374,318.29	393,000.18
Equity Value (M)	391,084.12	410,274.63	430,219.12
Shares Outstanding (M)	182.66	182.66	182.66
Fair Value	$2,141.05	$2,246.11	$2,355.30
Upside / Downside	5.81%	11.00%	16.40%

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PARK24 Co., Ltd. (4666.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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