DDM Analysis: 7203.SR

Valuation Snapshot

Stable Growth	$1,199.84 - $5,360.00	$2,803.57
Multi-Stage	$618.63 - $676.69	$647.13
Blended Fair Value	$1,725.35
Current Price	$895.50
Upside	92.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	86.05%	0.00%	7.33	5.87	4.88	0.00	0.42	0.33	4.73	4.82	0.00	0.00
YoY Growth	-	-	25.00%	20.15%	0.00%	-100.00%	28.09%	-93.05%	-1.83%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.76%	0.60%	1.11%	0.00%	0.25%	0.20%	2.85%	2.90%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,141.71
(-) Cash Dividends Paid (M)	661.55
(=) Cash Retained (M)	1,480.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	428.34	267.71	160.63
Cash Retained (M)	1,480.17	1,480.17	1,480.17
(-) Cash Required (M)	-428.34	-267.71	-160.63
(=) Excess Retained (M)	1,051.82	1,212.45	1,319.54
(/) Shares Outstanding (M)	79.47	79.47	79.47
(=) Excess Retained per Share	13.24	15.26	16.61
LTM Dividend per Share	8.32	8.32	8.32
(+) Excess Retained per Share	13.24	15.26	16.61
(=) Adjusted Dividend	21.56	23.58	24.93
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,199.84	$2,803.57	$5,360.00
Upside / Downside	33.99%	213.07%	498.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,141.71	2,280.92	2,429.18	2,587.08	2,755.24	2,934.33	3,022.36
Payout Ratio	30.89%	42.71%	54.53%	66.36%	78.18%	90.00%	92.50%
Projected Dividends (M)	661.55	974.20	1,324.71	1,716.67	2,153.98	2,640.90	2,795.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	898.60	907.11	915.63
Year 2 PV (M)	1,127.07	1,148.54	1,170.21
Year 3 PV (M)	1,347.20	1,385.87	1,425.28
Year 4 PV (M)	1,559.21	1,619.17	1,680.85
Year 5 PV (M)	1,763.31	1,848.48	1,936.91
PV of Terminal Value (M)	42,464.20	44,515.24	46,644.77
Equity Value (M)	49,159.59	51,424.41	53,773.65
Shares Outstanding (M)	79.47	79.47	79.47
Fair Value	$618.63	$647.13	$676.69
Upside / Downside	-30.92%	-27.74%	-24.43%

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Elm Company (7203.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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