DDM Analysis: 3687.T

Valuation Snapshot

Stable Growth	$1,649.53 - $4,818.97	$2,595.73
Multi-Stage	$1,105.55 - $1,207.84	$1,155.77
Blended Fair Value	$1,875.75
Current Price	$2,046.00
Upside	-8.32%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.58%	28.59%	12.98	9.95	5.03	6.09	7.68	7.18	5.14	4.78	4.09	2.39
YoY Growth	-	-	30.53%	97.69%	-17.39%	-20.65%	6.93%	39.58%	7.63%	16.76%	71.33%	127.48%
Dividend Yield	-	-	0.61%	0.77%	0.41%	0.68%	0.82%	0.46%	0.52%	0.41%	0.57%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,111.35
(-) Cash Dividends Paid (M)	610.00
(=) Cash Retained (M)	1,501.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	422.27	263.92	158.35
Cash Retained (M)	1,501.35	1,501.35	1,501.35
(-) Cash Required (M)	-422.27	-263.92	-158.35
(=) Excess Retained (M)	1,079.08	1,237.43	1,343.00
(/) Shares Outstanding (M)	32.23	32.23	32.23
(=) Excess Retained per Share	33.48	38.39	41.67
LTM Dividend per Share	18.93	18.93	18.93
(+) Excess Retained per Share	33.48	38.39	41.67
(=) Adjusted Dividend	52.41	57.32	60.59
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,649.53	$2,595.73	$4,818.97
Upside / Downside	-19.38%	26.87%	135.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,111.35	2,248.58	2,394.74	2,550.40	2,716.18	2,892.73	2,979.51
Payout Ratio	28.89%	41.11%	53.33%	65.56%	77.78%	90.00%	92.50%
Projected Dividends (M)	610.00	924.47	1,277.23	1,671.96	2,112.60	2,603.46	2,756.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	841.31	849.29	857.26
Year 2 PV (M)	1,057.81	1,077.95	1,098.29
Year 3 PV (M)	1,260.17	1,296.34	1,333.20
Year 4 PV (M)	1,449.06	1,504.79	1,562.11
Year 5 PV (M)	1,625.13	1,703.63	1,785.12
PV of Terminal Value (M)	29,399.70	30,819.71	32,294.08
Equity Value (M)	35,633.17	37,251.71	38,930.06
Shares Outstanding (M)	32.23	32.23	32.23
Fair Value	$1,105.55	$1,155.77	$1,207.84
Upside / Downside	-45.97%	-43.51%	-40.97%

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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%
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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%
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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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Fixstars Corporation (3687.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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