DDM Analysis: 8876.T

Valuation Snapshot

Stable Growth	$11,494.25 - $25,703.37	$24,087.82
Multi-Stage	$3,828.66 - $4,191.78	$4,006.88
Blended Fair Value	$14,047.35
Current Price	$1,784.50
Upside	687.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.81%	14.19%	35.62	31.78	27.95	18.15	27.67	24.46	20.67	17.38	14.09	11.69
YoY Growth	-	-	12.10%	13.68%	53.97%	-34.40%	13.14%	18.35%	18.93%	23.35%	20.54%	23.67%
Dividend Yield	-	-	2.08%	1.84%	1.43%	0.83%	1.09%	1.21%	0.73%	0.59%	0.64%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,511.00
(-) Cash Dividends Paid (M)	6,226.00
(=) Cash Retained (M)	14,285.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,102.20	2,563.88	1,538.33
Cash Retained (M)	14,285.00	14,285.00	14,285.00
(-) Cash Required (M)	-4,102.20	-2,563.88	-1,538.33
(=) Excess Retained (M)	10,182.80	11,721.13	12,746.68
(/) Shares Outstanding (M)	158.70	158.70	158.70
(=) Excess Retained per Share	64.16	73.86	80.32
LTM Dividend per Share	39.23	39.23	39.23
(+) Excess Retained per Share	64.16	73.86	80.32
(=) Adjusted Dividend	103.40	113.09	119.55
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11,494.25	$24,087.82	$25,703.37
Upside / Downside	544.12%	1,249.84%	1,340.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,511.00	21,844.22	23,264.09	24,776.25	26,386.71	28,101.85	28,944.90
Payout Ratio	30.35%	42.28%	54.21%	66.14%	78.07%	90.00%	92.50%
Projected Dividends (M)	6,226.00	9,236.51	12,612.08	16,387.46	20,600.34	25,291.66	26,774.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,595.46	8,676.93	8,758.41
Year 2 PV (M)	10,922.18	11,130.21	11,340.21
Year 3 PV (M)	13,206.73	13,585.84	13,972.15
Year 4 PV (M)	15,449.67	16,043.82	16,654.95
Year 5 PV (M)	17,651.58	18,504.15	19,389.36
PV of Terminal Value (M)	541,782.78	567,951.09	595,120.92
Equity Value (M)	607,608.39	635,892.06	665,236.00
Shares Outstanding (M)	158.70	158.70	158.70
Fair Value	$3,828.66	$4,006.88	$4,191.78
Upside / Downside	114.55%	124.54%	134.90%

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Relo Group, Inc. (8876.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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