DDM Analysis: 3489.T

Valuation Snapshot

Stable Growth	$4,198.14 - $20,340.93	$9,023.64
Multi-Stage	$2,213.77 - $2,423.77	$2,316.84
Blended Fair Value	$5,670.24
Current Price	$756.33
Upside	649.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	24.36%	0.00%	14.99	13.94	6.18	5.38	5.04	5.04	5.03	3.37	0.00	0.00
YoY Growth	-	-	7.53%	125.53%	14.91%	6.71%	0.05%	0.10%	49.13%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	2.31%	1.33%	2.32%	2.19%	2.65%	3.24%	0.98%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,030.65
(-) Cash Dividends Paid (M)	221.99
(=) Cash Retained (M)	2,808.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	606.13	378.83	227.30
Cash Retained (M)	2,808.65	2,808.65	2,808.65
(-) Cash Required (M)	-606.13	-378.83	-227.30
(=) Excess Retained (M)	2,202.52	2,429.82	2,581.35
(/) Shares Outstanding (M)	29.63	29.63	29.63
(=) Excess Retained per Share	74.33	82.00	87.12
LTM Dividend per Share	7.49	7.49	7.49
(+) Excess Retained per Share	74.33	82.00	87.12
(=) Adjusted Dividend	81.82	89.49	94.61
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,198.14	$9,023.64	$20,340.93
Upside / Downside	455.07%	1,093.08%	2,589.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,030.65	3,227.64	3,437.44	3,660.87	3,898.83	4,152.25	4,276.82
Payout Ratio	7.32%	23.86%	40.39%	56.93%	73.46%	90.00%	92.50%
Projected Dividends (M)	221.99	770.11	1,388.55	2,084.13	2,864.27	3,737.02	3,956.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	709.29	716.01	722.73
Year 2 PV (M)	1,177.87	1,200.30	1,222.95
Year 3 PV (M)	1,628.27	1,675.01	1,722.64
Year 4 PV (M)	2,061.02	2,140.29	2,221.81
Year 5 PV (M)	2,476.63	2,596.26	2,720.46
PV of Terminal Value (M)	57,542.78	60,322.12	63,207.83
Equity Value (M)	65,595.87	68,649.99	71,818.43
Shares Outstanding (M)	29.63	29.63	29.63
Fair Value	$2,213.77	$2,316.84	$2,423.77
Upside / Downside	192.70%	206.33%	220.46%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
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%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
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%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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FaithNetwork Co.,Ltd (3489.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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