DDM Analysis: 8960.T

Valuation Snapshot

Stable Growth	$154,843.75 - $247,581.88	$196,887.78
Multi-Stage	$330,366.67 - $363,031.35	$346,382.05
Blended Fair Value	$271,634.92
Current Price	$151,200.00
Upside	79.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.10%	5.08%	7,032.47	6,401.64	6,280.40	6,370.81	6,980.98	7,066.15	6,822.23	6,100.93	5,310.39	4,845.46
YoY Growth	-	-	9.85%	1.93%	-1.42%	-8.74%	-1.21%	3.58%	11.82%	14.89%	9.60%	13.05%
Dividend Yield	-	-	5.15%	4.41%	4.07%	4.41%	5.92%	3.32%	3.78%	3.83%	3.04%	2.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46,055.88
(-) Cash Dividends Paid (M)	31,691.72
(=) Cash Retained (M)	14,364.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,211.18	5,756.98	3,454.19
Cash Retained (M)	14,364.16	14,364.16	14,364.16
(-) Cash Required (M)	-9,211.18	-5,756.98	-3,454.19
(=) Excess Retained (M)	5,152.98	8,607.17	10,909.97
(/) Shares Outstanding (M)	3.08	3.08	3.08
(=) Excess Retained per Share	1,670.85	2,790.87	3,537.55
LTM Dividend per Share	10,276.02	10,276.02	10,276.02
(+) Excess Retained per Share	1,670.85	2,790.87	3,537.55
(=) Adjusted Dividend	11,946.87	13,066.89	13,813.57
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-1.14%	-0.14%	0.86%
Fair Value	$154,843.75	$196,887.78	$247,581.88
Upside / Downside	2.41%	30.22%	63.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46,055.88	45,989.17	45,922.55	45,856.04	45,789.62	45,723.30	47,095.00
Payout Ratio	68.81%	73.05%	77.29%	81.52%	85.76%	90.00%	92.50%
Projected Dividends (M)	31,691.72	33,594.70	35,492.11	37,383.94	39,270.23	41,150.97	43,562.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-1.14%	-0.14%	0.86%
Year 1 PV (M)	31,233.62	31,549.57	31,865.53
Year 2 PV (M)	30,678.55	31,302.37	31,932.46
Year 3 PV (M)	30,042.76	30,963.73	31,903.34
Year 4 PV (M)	29,340.64	30,546.00	31,788.11
Year 5 PV (M)	28,584.97	30,060.32	31,595.97
PV of Terminal Value (M)	868,985.29	913,836.01	960,519.80
Equity Value (M)	1,018,865.83	1,068,258.00	1,119,605.21
Shares Outstanding (M)	3.08	3.08	3.08
Fair Value	$330,366.67	$346,382.05	$363,031.35
Upside / Downside	118.50%	129.09%	140.10%

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United Urban Investment Corporation (8960.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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