DDM Analysis: 4712.T

Valuation Snapshot

Stable Growth	$8,066.11 - $23,039.12	$21,591.03
Multi-Stage	$3,180.79 - $3,481.40	$3,328.33
Blended Fair Value	$12,459.68
Current Price	$738.00
Upside	1,588.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	15.00%	0.00%	26.95	11.60	11.86	11.54	14.87	13.40	0.00	0.00	0.00	0.00
YoY Growth	-	-	132.22%	-2.12%	2.78%	-22.43%	11.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.65%	1.21%	1.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,180.15
(-) Cash Dividends Paid (M)	698.85
(=) Cash Retained (M)	1,481.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	436.03	272.52	163.51
Cash Retained (M)	1,481.30	1,481.30	1,481.30
(-) Cash Required (M)	-436.03	-272.52	-163.51
(=) Excess Retained (M)	1,045.27	1,208.78	1,317.79
(/) Shares Outstanding (M)	18.82	18.82	18.82
(=) Excess Retained per Share	55.54	64.23	70.02
LTM Dividend per Share	37.14	37.14	37.14
(+) Excess Retained per Share	55.54	64.23	70.02
(=) Adjusted Dividend	92.68	101.37	107.16
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8,066.11	$21,591.03	$23,039.12
Upside / Downside	992.97%	2,825.61%	3,021.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,180.15	2,321.86	2,472.78	2,633.51	2,804.69	2,986.99	3,076.60
Payout Ratio	32.06%	43.64%	55.23%	66.82%	78.41%	90.00%	92.50%
Projected Dividends (M)	698.85	1,013.36	1,365.79	1,759.77	2,199.19	2,688.29	2,845.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	940.70	949.62	958.53
Year 2 PV (M)	1,176.96	1,199.38	1,222.01
Year 3 PV (M)	1,407.74	1,448.15	1,489.33
Year 4 PV (M)	1,633.12	1,695.92	1,760.52
Year 5 PV (M)	1,853.20	1,942.71	2,035.64
PV of Terminal Value (M)	52,848.16	55,400.75	58,051.03
Equity Value (M)	59,859.88	62,636.53	65,517.06
Shares Outstanding (M)	18.82	18.82	18.82
Fair Value	$3,180.79	$3,328.33	$3,481.40
Upside / Downside	331.00%	350.99%	371.73%

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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%
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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KeyHolder, Inc. (4712.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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