DDM Analysis: 3733.T

Valuation Snapshot

Stable Growth	$21,186.62 - $43,785.70	$29,797.83
Multi-Stage	$15,490.25 - $16,923.51	$16,193.90
Blended Fair Value	$22,995.86
Current Price	$13,700.00
Upside	67.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.43%	4.56%	140.05	119.61	99.98	98.91	88.22	93.46	129.51	76.69	76.43	71.25
YoY Growth	-	-	17.09%	19.64%	1.07%	12.13%	-5.61%	-27.84%	68.88%	0.35%	7.26%	-20.55%
Dividend Yield	-	-	1.02%	1.01%	0.80%	1.12%	1.51%	0.85%	1.30%	0.88%	0.93%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,112.00
(-) Cash Dividends Paid (M)	733.00
(=) Cash Retained (M)	5,379.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,222.40	764.00	458.40
Cash Retained (M)	5,379.00	5,379.00	5,379.00
(-) Cash Required (M)	-1,222.40	-764.00	-458.40
(=) Excess Retained (M)	4,156.60	4,615.00	4,920.60
(/) Shares Outstanding (M)	5.23	5.23	5.23
(=) Excess Retained per Share	794.18	881.76	940.15
LTM Dividend per Share	140.05	140.05	140.05
(+) Excess Retained per Share	794.18	881.76	940.15
(=) Adjusted Dividend	934.23	1,021.81	1,080.20
WACC / Discount Rate	10.15%	10.15%	10.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21,186.62	$29,797.83	$43,785.70
Upside / Downside	54.65%	117.50%	219.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,112.00	6,509.28	6,932.38	7,382.99	7,862.88	8,373.97	8,625.19
Payout Ratio	11.99%	27.59%	43.20%	58.80%	74.40%	90.00%	92.50%
Projected Dividends (M)	733.00	1,796.19	2,994.49	4,340.98	5,849.87	7,536.57	7,978.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.15%	10.15%	10.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,615.33	1,630.64	1,645.95
Year 2 PV (M)	2,421.83	2,467.96	2,514.52
Year 3 PV (M)	3,157.32	3,247.96	3,340.31
Year 4 PV (M)	3,826.37	3,973.53	4,124.88
Year 5 PV (M)	4,433.28	4,647.41	4,869.74
PV of Terminal Value (M)	65,619.28	68,788.71	72,079.45
Equity Value (M)	81,073.42	84,756.21	88,574.86
Shares Outstanding (M)	5.23	5.23	5.23
Fair Value	$15,490.25	$16,193.90	$16,923.51
Upside / Downside	13.07%	18.20%	23.53%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Software Service, Inc. (3733.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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