DDM Analysis: 6409.T

Valuation Snapshot

Stable Growth	$31,984.65 - $37,690.01	$35,317.97
Multi-Stage	$19,262.33 - $21,162.09	$20,194.29
Blended Fair Value	$27,756.13
Current Price	$2,718.00
Upside	921.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	4.75%	12.23%	31.15	27.97	37.15	29.37	22.31	24.70	26.33	24.78	12.26	9.79
YoY Growth	-	-	11.40%	-24.72%	26.49%	31.63%	-9.68%	-6.20%	6.28%	102.17%	25.19%	-0.39%
Dividend Yield	-	-	1.18%	1.67%	2.75%	1.71%	1.05%	2.15%	3.26%	2.08%	1.00%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,041.00
(-) Cash Dividends Paid (M)	246.00
(=) Cash Retained (M)	4,795.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,008.20	630.13	378.08
Cash Retained (M)	4,795.00	4,795.00	4,795.00
(-) Cash Required (M)	-1,008.20	-630.13	-378.08
(=) Excess Retained (M)	3,786.80	4,164.88	4,416.93
(/) Shares Outstanding (M)	26.35	26.35	26.35
(=) Excess Retained per Share	143.69	158.04	167.60
LTM Dividend per Share	9.33	9.33	9.33
(+) Excess Retained per Share	143.69	158.04	167.60
(=) Adjusted Dividend	153.03	167.38	176.94
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	4.51%	5.51%	6.51%
Fair Value	$31,984.65	$35,317.97	$37,690.01
Upside / Downside	1,076.77%	1,199.41%	1,286.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,041.00	5,318.52	5,611.32	5,920.24	6,246.17	6,590.04	6,787.74
Payout Ratio	4.88%	21.90%	38.93%	55.95%	72.98%	90.00%	92.50%
Projected Dividends (M)	246.00	1,164.97	2,184.38	3,312.49	4,558.21	5,931.04	6,278.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	4.51%	5.51%	6.51%
Year 1 PV (M)	1,110.08	1,120.70	1,131.32
Year 2 PV (M)	1,983.38	2,021.52	2,060.02
Year 3 PV (M)	2,865.98	2,949.05	3,033.70
Year 4 PV (M)	3,757.96	3,903.87	4,054.00
Year 5 PV (M)	4,659.38	4,886.61	5,122.63
PV of Terminal Value (M)	493,247.31	517,302.44	542,287.06
Equity Value (M)	507,624.10	532,184.20	557,688.73
Shares Outstanding (M)	26.35	26.35	26.35
Fair Value	$19,262.33	$20,194.29	$21,162.09
Upside / Downside	608.70%	642.98%	678.59%

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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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KITO Corporation (6409.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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