DDM Analysis: 2749.T

Valuation Snapshot

Stable Growth	$1,424.15 - $7,046.78	$2,540.06
Multi-Stage	$845.11 - $924.83	$884.24
Blended Fair Value	$1,712.15
Current Price	$559.00
Upside	206.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.06%	8.56%	7.94	5.94	4.56	3.96	3.96	3.77	3.57	2.55	5.11	3.91
YoY Growth	-	-	33.63%	30.21%	15.34%	-0.18%	5.09%	5.56%	39.93%	-49.98%	30.69%	11.87%
Dividend Yield	-	-	1.42%	1.10%	1.33%	1.57%	1.47%	1.37%	1.19%	0.72%	1.70%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,784.43
(-) Cash Dividends Paid (M)	338.69
(=) Cash Retained (M)	3,445.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	756.89	473.05	283.83
Cash Retained (M)	3,445.74	3,445.74	3,445.74
(-) Cash Required (M)	-756.89	-473.05	-283.83
(=) Excess Retained (M)	2,688.86	2,972.69	3,161.91
(/) Shares Outstanding (M)	85.44	85.44	85.44
(=) Excess Retained per Share	31.47	34.79	37.01
LTM Dividend per Share	3.96	3.96	3.96
(+) Excess Retained per Share	31.47	34.79	37.01
(=) Adjusted Dividend	35.44	38.76	40.97
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,424.15	$2,540.06	$7,046.78
Upside / Downside	154.77%	354.39%	1,160.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,784.43	4,030.42	4,292.40	4,571.40	4,868.54	5,185.00	5,340.55
Payout Ratio	8.95%	25.16%	41.37%	57.58%	73.79%	90.00%	92.50%
Projected Dividends (M)	338.69	1,014.04	1,775.75	2,632.20	3,592.49	4,666.50	4,940.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.13%	8.13%	8.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	929.03	937.84	946.64
Year 2 PV (M)	1,490.51	1,518.90	1,547.56
Year 3 PV (M)	2,024.18	2,082.29	2,141.50
Year 4 PV (M)	2,531.06	2,628.40	2,728.51
Year 5 PV (M)	3,012.13	3,157.62	3,308.67
PV of Terminal Value (M)	62,217.54	65,222.67	68,342.82
Equity Value (M)	72,204.46	75,547.71	79,015.70
Shares Outstanding (M)	85.44	85.44	85.44
Fair Value	$845.11	$884.24	$924.83
Upside / Downside	51.18%	58.18%	65.44%

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Jp-Holdings,Inc. (2749.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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