DDM Analysis: 3486.T

Valuation Snapshot

Stable Growth	$40,260.98 - $87,734.52	$82,220.09
Multi-Stage	$13,046.59 - $14,291.02	$13,657.33
Blended Fair Value	$47,938.71
Current Price	$2,878.00
Upside	1,565.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	53.38%	0.00%	56.51	29.51	19.59	19.11	6.67	6.66	5.84	0.00	0.00	0.00
YoY Growth	-	-	91.49%	50.65%	2.50%	186.57%	0.20%	14.07%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.94%	2.00%	3.09%	4.32%	1.39%	2.33%	1.66%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,243.40
(-) Cash Dividends Paid (M)	1,040.00
(=) Cash Retained (M)	5,203.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,248.68	780.42	468.25
Cash Retained (M)	5,203.40	5,203.40	5,203.40
(-) Cash Required (M)	-1,248.68	-780.42	-468.25
(=) Excess Retained (M)	3,954.72	4,422.97	4,735.14
(/) Shares Outstanding (M)	14.15	14.15	14.15
(=) Excess Retained per Share	279.44	312.52	334.58
LTM Dividend per Share	73.49	73.49	73.49
(+) Excess Retained per Share	279.44	312.52	334.58
(=) Adjusted Dividend	352.92	386.01	408.07
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40,260.98	$82,220.09	$87,734.52
Upside / Downside	1,298.92%	2,756.85%	2,948.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,243.40	6,649.22	7,081.42	7,541.71	8,031.92	8,553.99	8,810.61
Payout Ratio	16.66%	31.33%	45.99%	60.66%	75.33%	90.00%	92.50%
Projected Dividends (M)	1,040.00	2,082.94	3,257.07	4,575.03	6,050.57	7,698.59	8,149.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,938.82	1,957.19	1,975.57
Year 2 PV (M)	2,821.93	2,875.68	2,929.94
Year 3 PV (M)	3,689.55	3,795.47	3,903.39
Year 4 PV (M)	4,541.88	4,716.55	4,896.21
Year 5 PV (M)	5,379.12	5,638.94	5,908.69
PV of Terminal Value (M)	166,269.48	174,300.35	182,638.59
Equity Value (M)	184,640.78	193,284.19	202,252.40
Shares Outstanding (M)	14.15	14.15	14.15
Fair Value	$13,046.59	$13,657.33	$14,291.02
Upside / Downside	353.32%	374.54%	396.56%

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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%
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Global Link Management Inc. (3486.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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