DDM Analysis: 2651.T

Valuation Snapshot

Stable Growth	$89,333.23 - $105,249.69	$98,634.37
Multi-Stage	$21,593.95 - $23,667.41	$22,611.48
Blended Fair Value	$60,622.93
Current Price	$10,325.00
Upside	487.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.46%	-0.85%	192.29	149.84	149.83	149.82	202.25	254.68	252.12	247.06	242.05	229.37
YoY Growth	-	-	28.33%	0.01%	0.01%	-25.93%	-20.58%	1.01%	2.05%	2.07%	5.53%	9.54%
Dividend Yield	-	-	1.86%	2.46%	3.29%	3.04%	3.45%	5.02%	3.56%	3.27%	2.76%	2.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53,019.00
(-) Cash Dividends Paid (M)	11,759.00
(=) Cash Retained (M)	41,260.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,603.80	6,627.38	3,976.43
Cash Retained (M)	41,260.00	41,260.00	41,260.00
(-) Cash Required (M)	-10,603.80	-6,627.38	-3,976.43
(=) Excess Retained (M)	30,656.20	34,632.63	37,283.58
(/) Shares Outstanding (M)	100.18	100.18	100.18
(=) Excess Retained per Share	306.00	345.70	372.16
LTM Dividend per Share	117.38	117.38	117.38
(+) Excess Retained per Share	306.00	345.70	372.16
(=) Adjusted Dividend	423.38	463.07	489.53
WACC / Discount Rate	5.53%	5.53%	5.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89,333.23	$98,634.37	$105,249.69
Upside / Downside	765.21%	855.30%	919.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53,019.00	56,465.24	60,135.48	64,044.28	68,207.16	72,640.62	74,819.84
Payout Ratio	22.18%	35.74%	49.31%	62.87%	76.44%	90.00%	92.50%
Projected Dividends (M)	11,759.00	20,182.41	29,651.18	40,265.62	52,134.67	65,376.56	69,208.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.53%	5.53%	5.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18,945.85	19,125.43	19,305.01
Year 2 PV (M)	26,129.09	26,626.77	27,129.15
Year 3 PV (M)	33,308.70	34,264.88	35,239.18
Year 4 PV (M)	40,484.71	42,041.64	43,643.04
Year 5 PV (M)	47,657.10	49,958.95	52,348.91
PV of Terminal Value (M)	1,996,805.85	2,093,252.31	2,193,390.02
Equity Value (M)	2,163,331.30	2,265,269.99	2,371,055.31
Shares Outstanding (M)	100.18	100.18	100.18
Fair Value	$21,593.95	$22,611.48	$23,667.41
Upside / Downside	109.14%	119.00%	129.22%

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Financial Statements

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Lawson, Inc. (2651.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener