DDM Analysis: 8979.T

Valuation Snapshot

Stable Growth	$257,178.63 - $489,573.98	$350,827.75
Multi-Stage	$355,014.47 - $388,960.88	$371,668.52
Blended Fair Value	$361,248.14
Current Price	$169,400.00
Upside	113.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.11%	0.00%	9,988.93	10,331.68	8,336.25	8,369.24	8,617.32	8,168.60	8,432.96	7,965.65	5,034.29	5,133.42
YoY Growth	-	-	-3.32%	23.94%	-0.39%	-2.88%	5.49%	-3.13%	5.87%	58.23%	-1.93%	0.00%
Dividend Yield	-	-	5.72%	4.97%	3.52%	3.49%	4.33%	3.89%	5.17%	5.06%	3.18%	3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,683.54
(-) Cash Dividends Paid (M)	2,961.16
(=) Cash Retained (M)	1,722.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	936.71	585.44	351.27
Cash Retained (M)	1,722.38	1,722.38	1,722.38
(-) Cash Required (M)	-936.71	-585.44	-351.27
(=) Excess Retained (M)	785.68	1,136.94	1,371.12
(/) Shares Outstanding (M)	0.28	0.28	0.28
(=) Excess Retained per Share	2,781.52	4,025.10	4,854.15
LTM Dividend per Share	10,483.35	10,483.35	10,483.35
(+) Excess Retained per Share	2,781.52	4,025.10	4,854.15
(=) Adjusted Dividend	13,264.86	14,508.44	15,337.50
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.86%	2.86%	3.86%
Fair Value	$257,178.63	$350,827.75	$489,573.98
Upside / Downside	51.82%	107.10%	189.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,683.54	4,817.44	4,955.16	5,096.82	5,242.53	5,392.40	5,554.17
Payout Ratio	63.22%	68.58%	73.93%	79.29%	84.64%	90.00%	92.50%
Projected Dividends (M)	2,961.16	3,303.79	3,663.59	4,041.26	4,437.53	4,853.16	5,137.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.86%	2.86%	3.86%
Year 1 PV (M)	3,054.42	3,084.41	3,114.40
Year 2 PV (M)	3,131.41	3,193.20	3,255.59
Year 3 PV (M)	3,193.50	3,288.49	3,385.33
Year 4 PV (M)	3,241.97	3,371.17	3,504.19
Year 5 PV (M)	3,278.00	3,442.10	3,612.70
PV of Terminal Value (M)	84,379.15	88,603.25	92,994.84
Equity Value (M)	100,278.45	104,982.60	109,867.06
Shares Outstanding (M)	0.28	0.28	0.28
Fair Value	$355,014.47	$371,668.52	$388,960.88
Upside / Downside	109.57%	119.40%	129.61%

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Starts Proceed Investment Corporation (8979.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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