DDM Analysis: 091700.KQ

Valuation Snapshot

Stable Growth	$8,479.91 - $16,194.81	$11,582.16
Multi-Stage	$12,750.20 - $13,988.59	$13,357.64
Blended Fair Value	$12,469.90
Current Price	$6,370.00
Upside	95.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.98%	-1.97%	246.99	302.76	361.46	235.98	333.53	203.19	212.89	240.60	243.80	248.83
YoY Growth	-	-	-18.42%	-16.24%	53.17%	-29.25%	64.15%	-4.56%	-11.52%	-1.31%	-2.02%	-17.47%
Dividend Yield	-	-	3.69%	3.78%	4.38%	2.17%	3.12%	2.66%	1.58%	2.77%	2.12%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,275.89
(-) Cash Dividends Paid (M)	15,139.51
(=) Cash Retained (M)	14,136.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,855.18	3,659.49	2,195.69
Cash Retained (M)	14,136.39	14,136.39	14,136.39
(-) Cash Required (M)	-5,855.18	-3,659.49	-2,195.69
(=) Excess Retained (M)	8,281.21	10,476.90	11,940.69
(/) Shares Outstanding (M)	53.61	53.61	53.61
(=) Excess Retained per Share	154.49	195.45	222.75
LTM Dividend per Share	282.43	282.43	282.43
(+) Excess Retained per Share	154.49	195.45	222.75
(=) Adjusted Dividend	436.91	477.87	505.18
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	1.45%	2.45%	3.45%
Fair Value	$8,479.91	$11,582.16	$16,194.81
Upside / Downside	33.12%	81.82%	154.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,275.89	29,992.95	30,727.57	31,480.18	32,251.23	33,041.16	34,032.39
Payout Ratio	51.71%	59.37%	67.03%	74.69%	82.34%	90.00%	92.50%
Projected Dividends (M)	15,139.51	17,806.98	20,596.05	23,511.06	26,556.51	29,737.04	31,479.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	1.45%	2.45%	3.45%
Year 1 PV (M)	16,529.61	16,692.54	16,855.48
Year 2 PV (M)	17,747.14	18,098.73	18,453.78
Year 3 PV (M)	18,805.67	19,367.28	19,939.96
Year 4 PV (M)	19,717.86	20,506.87	21,319.34
Year 5 PV (M)	20,495.50	21,525.75	22,597.02
PV of Terminal Value (M)	590,181.64	619,848.28	650,696.09
Equity Value (M)	683,477.42	716,039.46	749,861.67
Shares Outstanding (M)	53.61	53.61	53.61
Fair Value	$12,750.20	$13,357.64	$13,988.59
Upside / Downside	100.16%	109.70%	119.60%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
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0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Partron Co., Ltd. (091700.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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