DDM Analysis: 3925.T

Valuation Snapshot

Stable Growth	$6,975.61 - $21,776.06	$20,407.36
Multi-Stage	$2,898.46 - $3,172.89	$3,033.16
Blended Fair Value	$11,720.26
Current Price	$1,801.00
Upside	550.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	35.74%	0.00%	54.97	50.20	40.15	27.67	20.07	11.93	9.93	8.04	5.65	0.00
YoY Growth	-	-	9.51%	25.03%	45.12%	37.83%	68.26%	20.11%	23.50%	42.26%	0.00%	0.00%
Dividend Yield	-	-	3.52%	2.86%	1.52%	1.48%	0.71%	0.48%	0.44%	0.54%	0.50%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,479.93
(-) Cash Dividends Paid (M)	370.60
(=) Cash Retained (M)	1,109.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	295.99	184.99	111.00
Cash Retained (M)	1,109.34	1,109.34	1,109.34
(-) Cash Required (M)	-295.99	-184.99	-111.00
(=) Excess Retained (M)	813.35	924.35	998.34
(/) Shares Outstanding (M)	13.52	13.52	13.52
(=) Excess Retained per Share	60.18	68.39	73.86
LTM Dividend per Share	27.42	27.42	27.42
(+) Excess Retained per Share	60.18	68.39	73.86
(=) Adjusted Dividend	87.60	95.81	101.28
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,975.61	$20,407.36	$21,776.06
Upside / Downside	287.32%	1,033.11%	1,109.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,479.93	1,576.13	1,678.58	1,787.69	1,903.89	2,027.64	2,088.47
Payout Ratio	25.04%	38.03%	51.02%	64.02%	77.01%	90.00%	92.50%
Projected Dividends (M)	370.60	599.45	856.49	1,144.41	1,466.15	1,824.87	1,931.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	555.88	561.15	566.42
Year 2 PV (M)	736.52	750.55	764.71
Year 3 PV (M)	912.59	938.79	965.48
Year 4 PV (M)	1,084.18	1,125.87	1,168.76
Year 5 PV (M)	1,251.37	1,311.81	1,374.57
PV of Terminal Value (M)	34,634.65	36,307.51	38,044.40
Equity Value (M)	39,175.19	40,995.69	42,884.34
Shares Outstanding (M)	13.52	13.52	13.52
Fair Value	$2,898.46	$3,033.16	$3,172.89
Upside / Downside	60.94%	68.42%	76.17%

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Double Standard Inc. (3925.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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