DDM Analysis: 9739.T

Valuation Snapshot

Stable Growth	$8,184.43 - $47,607.32	$15,193.50
Multi-Stage	$6,124.51 - $6,707.64	$6,410.67
Blended Fair Value	$10,802.08
Current Price	$2,714.00
Upside	298.01%
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	$8,184.43	$15,193.50	$47,607.32
Upside / Downside	201.56%	459.82%	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)	1,624.87	1,640.44	1,656.01
Year 2 PV (M)	1,964.58	2,002.41	2,040.60
Year 3 PV (M)	2,287.71	2,354.11	2,421.78
Year 4 PV (M)	2,594.87	2,695.77	2,799.59
Year 5 PV (M)	2,886.62	3,027.60	3,174.04
PV of Terminal Value (M)	79,892.82	83,794.76	87,847.68
Equity Value (M)	91,251.48	95,515.10	99,939.70
Shares Outstanding (M)	14.90	14.90	14.90
Fair Value	$6,124.51	$6,410.67	$6,707.64
Upside / Downside	125.66%	136.21%	147.15%

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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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