DDM Analysis: 4732.T

Valuation Snapshot

Stable Growth	$4,063.84 - $16,583.58	$10,618.53
Multi-Stage	$2,076.52 - $2,270.23	$2,171.61
Blended Fair Value	$6,395.07
Current Price	$1,697.50
Upside	276.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.80%	7.39%	41.68	35.12	36.66	30.09	30.39	27.34	26.32	25.13	23.65	21.72
YoY Growth	-	-	18.67%	-4.20%	21.84%	-1.02%	11.18%	3.88%	4.71%	6.26%	8.88%	6.32%
Dividend Yield	-	-	2.62%	2.56%	3.08%	2.56%	3.14%	3.17%	2.41%	2.38%	2.12%	2.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39,448.00
(-) Cash Dividends Paid (M)	20,706.00
(=) Cash Retained (M)	18,742.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,889.60	4,931.00	2,958.60
Cash Retained (M)	18,742.00	18,742.00	18,742.00
(-) Cash Required (M)	-7,889.60	-4,931.00	-2,958.60
(=) Excess Retained (M)	10,852.40	13,811.00	15,783.40
(/) Shares Outstanding (M)	472.58	472.58	472.58
(=) Excess Retained per Share	22.96	29.22	33.40
LTM Dividend per Share	43.81	43.81	43.81
(+) Excess Retained per Share	22.96	29.22	33.40
(=) Adjusted Dividend	66.78	73.04	77.21
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.39%	6.39%	7.39%
Fair Value	$4,063.84	$10,618.53	$16,583.58
Upside / Downside	139.40%	525.54%	876.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39,448.00	41,967.95	44,648.87	47,501.06	50,535.44	53,763.66	55,376.57
Payout Ratio	52.49%	59.99%	67.49%	75.00%	82.50%	90.00%	92.50%
Projected Dividends (M)	20,706.00	25,177.20	30,135.14	35,623.77	41,690.66	48,387.29	51,223.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.39%	6.39%	7.39%
Year 1 PV (M)	23,282.84	23,503.77	23,724.69
Year 2 PV (M)	25,770.96	26,262.35	26,758.37
Year 3 PV (M)	28,172.54	28,982.13	29,807.10
Year 4 PV (M)	30,489.73	31,663.54	32,870.92
Year 5 PV (M)	32,724.63	34,306.95	35,949.90
PV of Terminal Value (M)	840,877.74	881,536.42	923,752.87
Equity Value (M)	981,318.43	1,026,255.16	1,072,863.85
Shares Outstanding (M)	472.58	472.58	472.58
Fair Value	$2,076.52	$2,171.61	$2,270.23
Upside / Downside	22.33%	27.93%	33.74%

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USS Co., Ltd. (4732.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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