DDM Analysis: 6454.T

Valuation Snapshot

Stable Growth	$19,921.43 - $49,169.29	$46,078.82
Multi-Stage	$7,183.38 - $7,859.88	$7,515.43
Blended Fair Value	$26,797.12
Current Price	$4,655.00
Upside	475.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.88%	10.13%	101.04	79.38	65.11	49.31	48.40	46.33	44.53	44.57	41.38	39.25
YoY Growth	-	-	27.29%	21.92%	32.05%	1.87%	4.46%	4.06%	-0.10%	7.70%	5.43%	1.96%
Dividend Yield	-	-	2.17%	2.09%	2.47%	3.06%	2.66%	3.05%	2.78%	3.18%	2.55%	3.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,483.00
(-) Cash Dividends Paid (M)	5,198.00
(=) Cash Retained (M)	6,285.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,296.60	1,435.38	861.23
Cash Retained (M)	6,285.00	6,285.00	6,285.00
(-) Cash Required (M)	-2,296.60	-1,435.38	-861.23
(=) Excess Retained (M)	3,988.40	4,849.63	5,423.78
(/) Shares Outstanding (M)	46.45	46.45	46.45
(=) Excess Retained per Share	85.87	104.42	116.78
LTM Dividend per Share	111.92	111.92	111.92
(+) Excess Retained per Share	85.87	104.42	116.78
(=) Adjusted Dividend	197.79	216.33	228.69
WACC / Discount Rate	6.55%	6.55%	6.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19,921.43	$46,078.82	$49,169.29
Upside / Downside	327.96%	889.88%	956.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,483.00	12,229.40	13,024.31	13,870.89	14,772.49	15,732.71	16,204.69
Payout Ratio	45.27%	54.21%	63.16%	72.11%	81.05%	90.00%	92.50%
Projected Dividends (M)	5,198.00	6,629.99	8,226.17	10,001.85	11,973.61	14,159.43	14,989.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.55%	6.55%	6.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,164.14	6,222.57	6,281.00
Year 2 PV (M)	7,110.78	7,246.22	7,382.94
Year 3 PV (M)	8,038.21	8,268.96	8,504.08
Year 4 PV (M)	8,946.72	9,290.79	9,644.68
Year 5 PV (M)	9,836.59	10,311.71	10,805.00
PV of Terminal Value (M)	293,537.92	307,715.91	322,436.52
Equity Value (M)	333,634.37	349,056.15	365,054.23
Shares Outstanding (M)	46.45	46.45	46.45
Fair Value	$7,183.38	$7,515.43	$7,859.88
Upside / Downside	54.32%	61.45%	68.85%

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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%
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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%

Financial Statements

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Max Co., Ltd. (6454.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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