DDM Analysis: 2734.T

Valuation Snapshot

Stable Growth	$2,261.82 - $8,946.79	$3,848.76
Multi-Stage	$2,184.09 - $2,394.46	$2,287.31
Blended Fair Value	$3,068.03
Current Price	$932.00
Upside	229.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.48%	16.06%	26.66	28.70	24.84	20.57	21.53	19.48	19.57	14.83	8.37	6.61
YoY Growth	-	-	-7.11%	15.56%	20.76%	-4.49%	10.56%	-0.48%	31.93%	77.28%	26.65%	9.84%
Dividend Yield	-	-	3.34%	3.61%	3.40%	3.08%	3.67%	3.53%	3.28%	2.16%	1.30%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,995.00
(-) Cash Dividends Paid (M)	1,973.00
(=) Cash Retained (M)	3,022.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	999.00	624.38	374.63
Cash Retained (M)	3,022.00	3,022.00	3,022.00
(-) Cash Required (M)	-999.00	-624.38	-374.63
(=) Excess Retained (M)	2,023.00	2,397.63	2,647.38
(/) Shares Outstanding (M)	64.18	64.18	64.18
(=) Excess Retained per Share	31.52	37.36	41.25
LTM Dividend per Share	30.74	30.74	30.74
(+) Excess Retained per Share	31.52	37.36	41.25
(=) Adjusted Dividend	62.26	68.10	71.99
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$2,261.82	$3,848.76	$8,946.79
Upside / Downside	142.68%	312.96%	859.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,995.00	5,219.56	5,454.21	5,699.41	5,955.64	6,223.38	6,410.08
Payout Ratio	39.50%	49.60%	59.70%	69.80%	79.90%	90.00%	92.50%
Projected Dividends (M)	1,973.00	2,588.88	3,256.15	3,978.18	4,758.55	5,601.04	5,929.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	2,411.13	2,434.43	2,457.72
Year 2 PV (M)	2,824.37	2,879.22	2,934.59
Year 3 PV (M)	3,213.74	3,307.80	3,403.68
Year 4 PV (M)	3,580.22	3,720.62	3,865.09
Year 5 PV (M)	3,924.77	4,118.08	4,318.93
PV of Terminal Value (M)	124,228.73	130,347.47	136,704.98
Equity Value (M)	140,182.97	146,807.61	153,684.99
Shares Outstanding (M)	64.18	64.18	64.18
Fair Value	$2,184.09	$2,287.31	$2,394.46
Upside / Downside	134.34%	145.42%	156.92%

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SALA Corporation (2734.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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