DDM Analysis: 2749.T

Valuation Snapshot

Stable Growth	$1,339.22 - $5,564.59	$2,304.01
Multi-Stage	$816.16 - $893.05	$853.90
Blended Fair Value	$1,578.96
Current Price	$559.00
Upside	182.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.06%	8.56%	7.94	5.94	4.56	3.96	3.96	3.77	3.57	2.55	5.11	3.91
YoY Growth	-	-	33.63%	30.21%	15.34%	-0.18%	5.09%	5.56%	39.93%	-49.98%	30.69%	11.87%
Dividend Yield	-	-	1.42%	1.10%	1.33%	1.57%	1.47%	1.37%	1.19%	0.72%	1.70%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,784.43
(-) Cash Dividends Paid (M)	338.69
(=) Cash Retained (M)	3,445.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	756.89	473.05	283.83
Cash Retained (M)	3,445.74	3,445.74	3,445.74
(-) Cash Required (M)	-756.89	-473.05	-283.83
(=) Excess Retained (M)	2,688.86	2,972.69	3,161.91
(/) Shares Outstanding (M)	85.44	85.44	85.44
(=) Excess Retained per Share	31.47	34.79	37.01
LTM Dividend per Share	3.96	3.96	3.96
(+) Excess Retained per Share	31.47	34.79	37.01
(=) Adjusted Dividend	35.44	38.76	40.97
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,339.22	$2,304.01	$5,564.59
Upside / Downside	139.57%	312.17%	895.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,784.43	4,030.42	4,292.40	4,571.40	4,868.54	5,185.00	5,340.55
Payout Ratio	8.95%	25.16%	41.37%	57.58%	73.79%	90.00%	92.50%
Projected Dividends (M)	338.69	1,014.04	1,775.75	2,632.20	3,592.49	4,666.50	4,940.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	927.60	936.40	945.19
Year 2 PV (M)	1,485.93	1,514.23	1,542.80
Year 3 PV (M)	2,014.86	2,072.70	2,131.63
Year 4 PV (M)	2,515.53	2,612.27	2,711.77
Year 5 PV (M)	2,989.05	3,133.42	3,283.32
PV of Terminal Value (M)	59,798.18	62,686.46	65,685.27
Equity Value (M)	69,731.15	72,955.48	76,299.99
Shares Outstanding (M)	85.44	85.44	85.44
Fair Value	$816.16	$853.90	$893.05
Upside / Downside	46.00%	52.76%	59.76%

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Jp-Holdings,Inc. (2749.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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