DDM Analysis: 2163.T

Valuation Snapshot

Stable Growth	$7,473.58 - $24,926.95	$23,360.20
Multi-Stage	$3,334.46 - $3,644.37	$3,486.59
Blended Fair Value	$13,423.40
Current Price	$1,973.00
Upside	580.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	30.56%	31.55%	77.08	77.02	40.17	25.41	21.84	20.32	15.93	12.67	9.95	7.46
YoY Growth	-	-	0.08%	91.74%	58.06%	16.37%	7.47%	27.58%	25.75%	27.36%	33.36%	50.11%
Dividend Yield	-	-	4.11%	3.53%	3.01%	3.06%	2.72%	3.07%	1.84%	1.13%	1.63%	2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,331.79
(-) Cash Dividends Paid (M)	866.74
(=) Cash Retained (M)	465.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	266.36	166.47	99.88
Cash Retained (M)	465.05	465.05	465.05
(-) Cash Required (M)	-266.36	-166.47	-99.88
(=) Excess Retained (M)	198.69	298.57	365.16
(/) Shares Outstanding (M)	10.63	10.63	10.63
(=) Excess Retained per Share	18.70	28.10	34.37
LTM Dividend per Share	81.57	81.57	81.57
(+) Excess Retained per Share	18.70	28.10	34.37
(=) Adjusted Dividend	100.27	109.67	115.94
WACC / Discount Rate	6.92%	6.92%	6.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,473.58	$23,360.20	$24,926.95
Upside / Downside	278.79%	1,083.99%	1,163.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,331.79	1,418.35	1,510.54	1,608.73	1,713.30	1,824.66	1,879.40
Payout Ratio	65.08%	70.06%	75.05%	80.03%	85.02%	90.00%	92.50%
Projected Dividends (M)	866.74	993.76	1,133.64	1,287.50	1,456.58	1,642.19	1,738.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.92%	6.92%	6.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	920.76	929.49	938.21
Year 2 PV (M)	973.20	991.73	1,010.44
Year 3 PV (M)	1,024.08	1,053.48	1,083.44
Year 4 PV (M)	1,073.45	1,114.74	1,157.20
Year 5 PV (M)	1,121.34	1,175.50	1,231.73
PV of Terminal Value (M)	30,317.11	31,781.44	33,301.81
Equity Value (M)	35,429.94	37,046.38	38,722.84
Shares Outstanding (M)	10.63	10.63	10.63
Fair Value	$3,334.46	$3,486.59	$3,644.37
Upside / Downside	69.00%	76.72%	84.71%

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Artner Co.,Ltd. (2163.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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