DDM Analysis: 6290.TWO

Valuation Snapshot

Stable Growth	$87.25 - $155.51	$116.00
Multi-Stage	$144.61 - $158.78	$151.56
Blended Fair Value	$133.78
Current Price	$96.20
Upside	39.06%
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	17.15%	9.50%	2.93	2.02	1.84	3.22	3.22	1.33	1.32	2.18	1.63	1.51
YoY Growth	-	-	45.08%	9.79%	-42.86%	-0.09%	142.65%	0.95%	-39.62%	33.53%	7.96%	27.78%
Dividend Yield	-	-	3.53%	2.20%	2.68%	6.15%	5.15%	2.62%	2.64%	4.68%	5.18%	4.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,027.51
(-) Cash Dividends Paid (M)	470.74
(=) Cash Retained (M)	556.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	205.50	128.44	77.06
Cash Retained (M)	556.77	556.77	556.77
(-) Cash Required (M)	-205.50	-128.44	-77.06
(=) Excess Retained (M)	351.27	428.33	479.70
(/) Shares Outstanding (M)	160.61	160.61	160.61
(=) Excess Retained per Share	2.19	2.67	2.99
LTM Dividend per Share	2.93	2.93	2.93
(+) Excess Retained per Share	2.19	2.67	2.99
(=) Adjusted Dividend	5.12	5.60	5.92
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.75%	1.75%	2.75%
Fair Value	$87.25	$116.00	$155.51
Upside / Downside	-9.31%	20.59%	61.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,027.51	1,045.46	1,063.74	1,082.33	1,101.24	1,120.49	1,154.11
Payout Ratio	45.81%	54.65%	63.49%	72.33%	81.16%	90.00%	92.50%
Projected Dividends (M)	470.74	571.36	675.35	782.80	893.80	1,008.44	1,067.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.75%	1.75%	2.75%
Year 1 PV (M)	530.43	535.69	540.96
Year 2 PV (M)	582.06	593.67	605.39
Year 3 PV (M)	626.34	645.17	664.38
Year 4 PV (M)	663.92	690.68	718.23
Year 5 PV (M)	695.42	730.62	767.24
PV of Terminal Value (M)	20,127.52	21,146.45	22,206.24
Equity Value (M)	23,225.67	24,342.28	25,502.44
Shares Outstanding (M)	160.61	160.61	160.61
Fair Value	$144.61	$151.56	$158.78
Upside / Downside	50.32%	57.54%	65.05%

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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%
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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%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
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RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Longwell Company (6290.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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