DDM Analysis: 3407.T

Valuation Snapshot

Stable Growth	$4,731.37 - $20,369.58	$11,543.60
Multi-Stage	$3,027.91 - $3,317.13	$3,169.84
Blended Fair Value	$7,356.72
Current Price	$1,164.50
Upside	531.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.50%	6.53%	36.62	36.62	35.60	34.59	33.57	35.71	37.88	28.66	20.48	20.48
YoY Growth	-	-	0.00%	2.86%	2.94%	3.03%	-6.00%	-5.71%	32.14%	39.99%	-0.01%	5.24%
Dividend Yield	-	-	3.57%	3.57%	3.66%	3.34%	2.75%	4.08%	3.17%	2.04%	1.70%	2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141,013.00
(-) Cash Dividends Paid (M)	52,174.00
(=) Cash Retained (M)	88,839.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28,202.60	17,626.63	10,575.98
Cash Retained (M)	88,839.00	88,839.00	88,839.00
(-) Cash Required (M)	-28,202.60	-17,626.63	-10,575.98
(=) Excess Retained (M)	60,636.40	71,212.38	78,263.03
(/) Shares Outstanding (M)	1,364.30	1,364.30	1,364.30
(=) Excess Retained per Share	44.44	52.20	57.36
LTM Dividend per Share	38.24	38.24	38.24
(+) Excess Retained per Share	44.44	52.20	57.36
(=) Adjusted Dividend	82.69	90.44	95.61
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.53%	5.53%	6.53%
Fair Value	$4,731.37	$11,543.60	$20,369.58
Upside / Downside	306.30%	891.29%	1,649.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141,013.00	148,807.74	157,033.34	165,713.63	174,873.73	184,540.18	190,076.39
Payout Ratio	37.00%	47.60%	58.20%	68.80%	79.40%	90.00%	92.50%
Projected Dividends (M)	52,174.00	70,831.80	91,392.86	114,010.60	138,849.54	166,086.16	175,820.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.53%	5.53%	6.53%
Year 1 PV (M)	65,968.65	66,599.76	67,230.87
Year 2 PV (M)	79,274.03	80,798.09	82,336.66
Year 3 PV (M)	92,102.87	94,771.64	97,491.47
Year 4 PV (M)	104,467.62	108,523.06	112,695.44
Year 5 PV (M)	116,380.45	122,054.96	127,948.68
PV of Terminal Value (M)	3,672,798.13	3,851,877.40	4,037,874.81
Equity Value (M)	4,130,991.75	4,324,624.91	4,525,577.94
Shares Outstanding (M)	1,364.30	1,364.30	1,364.30
Fair Value	$3,027.91	$3,169.84	$3,317.13
Upside / Downside	160.02%	172.21%	184.85%

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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%
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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%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Asahi Kasei Corporation (3407.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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