DDM Analysis: 2763.T

Valuation Snapshot

Stable Growth	$1,565.22 - $2,378.82	$1,947.21
Multi-Stage	$3,301.21 - $3,634.92	$3,464.78
Blended Fair Value	$2,706.00
Current Price	$1,233.00
Upside	119.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-2.67%	9.06%	55.81	55.98	56.99	65.41	66.39	63.90	52.02	44.68	32.13	27.22
YoY Growth	-	-	-0.30%	-1.77%	-12.88%	-1.47%	3.89%	22.84%	16.44%	39.04%	18.04%	16.05%
Dividend Yield	-	-	4.80%	4.84%	5.28%	7.25%	5.03%	4.94%	3.41%	3.36%	3.39%	3.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,324.00
(-) Cash Dividends Paid (M)	1,644.00
(=) Cash Retained (M)	3,680.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,064.80	665.50	399.30
Cash Retained (M)	3,680.00	3,680.00	3,680.00
(-) Cash Required (M)	-1,064.80	-665.50	-399.30
(=) Excess Retained (M)	2,615.20	3,014.50	3,280.70
(/) Shares Outstanding (M)	29.79	29.79	29.79
(=) Excess Retained per Share	87.77	101.17	110.11
LTM Dividend per Share	55.18	55.18	55.18
(+) Excess Retained per Share	87.77	101.17	110.11
(=) Adjusted Dividend	142.95	156.35	165.29
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.09%	-1.09%	-0.09%
Fair Value	$1,565.22	$1,947.21	$2,378.82
Upside / Downside	26.94%	57.92%	92.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,324.00	5,265.91	5,208.45	5,151.62	5,095.41	5,039.81	5,191.01
Payout Ratio	30.88%	42.70%	54.53%	66.35%	78.18%	90.00%	92.50%
Projected Dividends (M)	1,644.00	2,248.71	2,840.03	3,418.18	3,983.38	4,535.83	4,801.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.09%	-1.09%	-0.09%
Year 1 PV (M)	2,083.26	2,104.54	2,125.81
Year 2 PV (M)	2,437.48	2,487.53	2,538.08
Year 3 PV (M)	2,717.83	2,801.96	2,887.81
Year 4 PV (M)	2,934.18	3,055.91	3,181.38
Year 5 PV (M)	3,095.29	3,256.63	3,424.62
PV of Terminal Value (M)	85,091.30	89,526.41	94,144.55
Equity Value (M)	98,359.35	103,232.97	108,302.25
Shares Outstanding (M)	29.79	29.79	29.79
Fair Value	$3,301.21	$3,464.78	$3,634.92
Upside / Downside	167.74%	181.00%	194.80%

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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%
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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%
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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%
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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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FTGroup Co., Ltd. (2763.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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