DDM Analysis: 2471.T

Valuation Snapshot

Stable Growth	$1,377.02 - $4,580.35	$4,292.45
Multi-Stage	$603.70 - $660.34	$631.50
Blended Fair Value	$2,461.98
Current Price	$320.00
Upside	669.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	58.77%	0.00%	10.02	8.03	6.01	3.30	2.00	0.99	0.71	0.38	0.38	0.38
YoY Growth	-	-	24.72%	33.69%	82.24%	64.97%	101.28%	39.29%	86.85%	0.76%	0.49%	0.00%
Dividend Yield	-	-	3.30%	2.48%	0.93%	0.33%	0.20%	0.15%	0.19%	0.20%	0.64%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,809.00
(-) Cash Dividends Paid (M)	789.00
(=) Cash Retained (M)	1,020.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	361.80	226.13	135.68
Cash Retained (M)	1,020.00	1,020.00	1,020.00
(-) Cash Required (M)	-361.80	-226.13	-135.68
(=) Excess Retained (M)	658.20	793.88	884.33
(/) Shares Outstanding (M)	78.55	78.55	78.55
(=) Excess Retained per Share	8.38	10.11	11.26
LTM Dividend per Share	10.05	10.05	10.05
(+) Excess Retained per Share	8.38	10.11	11.26
(=) Adjusted Dividend	18.43	20.15	21.30
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,377.02	$4,292.45	$4,580.35
Upside / Downside	330.32%	1,241.39%	1,331.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,809.00	1,926.59	2,051.81	2,185.18	2,327.22	2,478.49	2,552.84
Payout Ratio	43.62%	52.89%	62.17%	71.45%	80.72%	90.00%	92.50%
Projected Dividends (M)	789.00	1,019.01	1,275.59	1,561.23	1,878.60	2,230.64	2,361.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	944.19	953.14	962.09
Year 2 PV (M)	1,095.14	1,116.00	1,137.05
Year 3 PV (M)	1,241.94	1,277.59	1,313.92
Year 4 PV (M)	1,384.67	1,437.92	1,492.69
Year 5 PV (M)	1,523.42	1,597.00	1,673.40
PV of Terminal Value (M)	41,228.48	43,219.83	45,287.40
Equity Value (M)	47,417.83	49,601.47	51,866.54
Shares Outstanding (M)	78.55	78.55	78.55
Fair Value	$603.70	$631.50	$660.34
Upside / Downside	88.66%	97.34%	106.36%

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S-Pool, Inc. (2471.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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