DDM Analysis: 3769.T

Valuation Snapshot

Stable Growth	$9,133.91 - $51,806.56	$17,252.16
Multi-Stage	$5,399.64 - $5,899.25	$5,644.91
Blended Fair Value	$11,448.53
Current Price	$9,341.00
Upside	22.56%
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	25.87%	31.97%	87.67	157.62	58.11	49.73	34.42	27.74	19.28	13.01	7.79	6.72
YoY Growth	-	-	-44.38%	171.22%	16.86%	44.49%	24.05%	43.88%	48.19%	67.04%	15.88%	22.82%
Dividend Yield	-	-	1.10%	1.61%	0.53%	0.35%	0.25%	0.37%	0.41%	0.28%	0.30%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,043.97
(-) Cash Dividends Paid (M)	9,399.42
(=) Cash Retained (M)	10,644.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,008.79	2,505.50	1,503.30
Cash Retained (M)	10,644.55	10,644.55	10,644.55
(-) Cash Required (M)	-4,008.79	-2,505.50	-1,503.30
(=) Excess Retained (M)	6,635.75	8,139.05	9,141.25
(/) Shares Outstanding (M)	76.94	76.94	76.94
(=) Excess Retained per Share	86.24	105.78	118.80
LTM Dividend per Share	122.16	122.16	122.16
(+) Excess Retained per Share	86.24	105.78	118.80
(=) Adjusted Dividend	208.40	227.94	240.96
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9,133.91	$17,252.16	$51,806.56
Upside / Downside	-2.22%	84.69%	454.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,043.97	21,346.83	22,734.37	24,212.10	25,785.89	27,461.97	28,285.83
Payout Ratio	46.89%	55.52%	64.14%	72.76%	81.38%	90.00%	92.50%
Projected Dividends (M)	9,399.42	11,850.74	14,581.01	17,616.15	20,984.25	24,715.78	26,164.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,879.23	10,982.35	11,085.47
Year 2 PV (M)	12,288.34	12,522.40	12,758.67
Year 3 PV (M)	13,629.18	14,020.42	14,419.08
Year 4 PV (M)	14,904.08	15,477.25	16,066.79
Year 5 PV (M)	16,115.32	16,893.69	17,701.86
PV of Terminal Value (M)	347,657.95	364,449.96	381,884.64
Equity Value (M)	415,474.10	434,346.08	453,916.51
Shares Outstanding (M)	76.94	76.94	76.94
Fair Value	$5,399.64	$5,644.91	$5,899.25
Upside / Downside	-42.19%	-39.57%	-36.85%

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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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GMO Payment Gateway, Inc. (3769.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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