DDM Analysis: 4373.T

Valuation Snapshot

Stable Growth	$277.80 - $393.50	$334.92
Multi-Stage	$421.03 - $461.97	$441.10
Blended Fair Value	$388.01
Current Price	$1,086.25
Upside	-64.28%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2013
DPS	0.00%	0.00%	10.41	6.09	5.44	0.00	0.00	0.00	1.18	0.00	0.00	0.00
YoY Growth	-	-	70.79%	12.06%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.07%	0.88%	0.83%	0.00%	0.00%	0.00%	0.23%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,964.00
(-) Cash Dividends Paid (M)	2,847.00
(=) Cash Retained (M)	7,117.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,992.80	1,245.50	747.30
Cash Retained (M)	7,117.00	7,117.00	7,117.00
(-) Cash Required (M)	-1,992.80	-1,245.50	-747.30
(=) Excess Retained (M)	5,124.20	5,871.50	6,369.70
(/) Shares Outstanding (M)	234.88	234.88	234.88
(=) Excess Retained per Share	21.82	25.00	27.12
LTM Dividend per Share	12.12	12.12	12.12
(+) Excess Retained per Share	21.82	25.00	27.12
(=) Adjusted Dividend	33.94	37.12	39.24
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$277.80	$334.92	$393.50
Upside / Downside	-74.43%	-69.17%	-63.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,964.00	9,864.36	9,765.72	9,668.06	9,571.38	9,475.66	9,759.93
Payout Ratio	28.57%	40.86%	53.14%	65.43%	77.71%	90.00%	92.50%
Projected Dividends (M)	2,847.00	4,030.41	5,189.86	6,325.73	7,438.36	8,528.10	9,027.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,627.93	3,664.95	3,701.97
Year 2 PV (M)	4,205.09	4,291.34	4,378.48
Year 3 PV (M)	4,613.59	4,756.27	4,901.86
Year 4 PV (M)	4,883.32	5,085.71	5,294.33
Year 5 PV (M)	5,039.64	5,302.07	5,575.32
PV of Terminal Value (M)	76,522.83	80,507.55	84,656.57
Equity Value (M)	98,892.40	103,607.89	108,508.51
Shares Outstanding (M)	234.88	234.88	234.88
Fair Value	$421.03	$441.10	$461.97
Upside / Downside	-61.24%	-59.39%	-57.47%

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Financial Statements

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Simplex Holdings, Inc. (4373.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener