DDM Analysis: 9948.T

Valuation Snapshot

Stable Growth	$8,339.57 - $42,784.75	$17,035.57
Multi-Stage	$6,581.38 - $7,215.03	$6,892.29
Blended Fair Value	$11,963.93
Current Price	$3,025.00
Upside	295.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.31%	6.00%	72.88	60.60	60.37	59.47	52.24	53.67	49.85	49.26	43.22	44.29
YoY Growth	-	-	20.27%	0.37%	1.53%	13.83%	-2.66%	7.66%	1.20%	13.97%	-2.43%	8.88%
Dividend Yield	-	-	2.54%	2.04%	2.57%	3.07%	2.19%	2.49%	2.35%	1.67%	1.80%	1.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,777.00
(-) Cash Dividends Paid (M)	3,995.00
(=) Cash Retained (M)	7,782.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,355.40	1,472.13	883.28
Cash Retained (M)	7,782.00	7,782.00	7,782.00
(-) Cash Required (M)	-2,355.40	-1,472.13	-883.28
(=) Excess Retained (M)	5,426.60	6,309.88	6,898.73
(/) Shares Outstanding (M)	53.98	53.98	53.98
(=) Excess Retained per Share	100.53	116.89	127.80
LTM Dividend per Share	74.01	74.01	74.01
(+) Excess Retained per Share	100.53	116.89	127.80
(=) Adjusted Dividend	174.54	190.90	201.81
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	4.00%	5.00%	6.00%
Fair Value	$8,339.57	$17,035.57	$42,784.75
Upside / Downside	175.69%	463.16%	1,314.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,777.00	12,366.26	12,985.01	13,634.71	14,316.93	15,033.27	15,484.27
Payout Ratio	33.92%	45.14%	56.35%	67.57%	78.78%	90.00%	92.50%
Projected Dividends (M)	3,995.00	5,581.84	7,317.47	9,212.81	11,279.51	13,529.95	14,322.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	4.00%	5.00%	6.00%
Year 1 PV (M)	5,206.89	5,256.95	5,307.02
Year 2 PV (M)	6,367.41	6,490.44	6,614.65
Year 3 PV (M)	7,478.16	7,695.95	7,917.93
Year 4 PV (M)	8,540.70	8,873.94	9,216.84
Year 5 PV (M)	9,556.53	10,024.88	10,511.42
PV of Terminal Value (M)	318,117.21	333,707.73	349,903.60
Equity Value (M)	355,266.88	372,049.89	389,471.46
Shares Outstanding (M)	53.98	53.98	53.98
Fair Value	$6,581.38	$6,892.29	$7,215.03
Upside / Downside	117.57%	127.84%	138.51%

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ARCS Company Limited (9948.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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