DDM Analysis: 9739.T

Valuation Snapshot

Stable Growth	$8,188.57 - $47,607.32	$15,206.41
Multi-Stage	$6,126.60 - $6,709.94	$6,412.86
Blended Fair Value	$10,809.64
Current Price	$2,714.00
Upside	298.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.97%	20.28%	94.90	60.00	54.90	39.93	34.90	32.42	27.45	19.93	24.97	22.49
YoY Growth	-	-	58.17%	9.29%	37.48%	14.42%	7.66%	18.09%	37.71%	-20.17%	11.02%	50.15%
Dividend Yield	-	-	3.50%	1.78%	2.25%	1.71%	1.54%	1.53%	1.01%	0.91%	1.35%	2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,605.00
(-) Cash Dividends Paid (M)	1,268.00
(=) Cash Retained (M)	2,337.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	721.00	450.63	270.38
Cash Retained (M)	2,337.00	2,337.00	2,337.00
(-) Cash Required (M)	-721.00	-450.63	-270.38
(=) Excess Retained (M)	1,616.00	1,886.38	2,066.63
(/) Shares Outstanding (M)	14.90	14.90	14.90
(=) Excess Retained per Share	108.46	126.61	138.71
LTM Dividend per Share	85.10	85.10	85.10
(+) Excess Retained per Share	108.46	126.61	138.71
(=) Adjusted Dividend	193.56	211.71	223.81
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	4.36%	5.36%	6.36%
Fair Value	$8,188.57	$15,206.41	$47,607.32
Upside / Downside	201.72%	460.30%	1,654.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,605.00	3,798.11	4,001.57	4,215.93	4,441.77	4,679.70	4,820.09
Payout Ratio	35.17%	46.14%	57.10%	68.07%	79.03%	90.00%	92.50%
Projected Dividends (M)	1,268.00	1,752.40	2,285.06	2,869.75	3,510.53	4,211.73	4,458.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	4.36%	5.36%	6.36%
Year 1 PV (M)	1,624.89	1,640.46	1,656.03
Year 2 PV (M)	1,964.62	2,002.45	2,040.65
Year 3 PV (M)	2,287.79	2,354.20	2,421.87
Year 4 PV (M)	2,595.00	2,695.90	2,799.72
Year 5 PV (M)	2,886.79	3,027.78	3,174.22
PV of Terminal Value (M)	79,923.54	83,826.98	87,881.46
Equity Value (M)	91,282.63	95,547.77	99,973.95
Shares Outstanding (M)	14.90	14.90	14.90
Fair Value	$6,126.60	$6,412.86	$6,709.94
Upside / Downside	125.74%	136.29%	147.23%

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NSW Inc. (9739.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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