DDM Analysis: 6523.T

Valuation Snapshot

Stable Growth	$374.36 - $557.22	$461.48
Multi-Stage	$749.19 - $821.30	$784.56
Blended Fair Value	$623.02
Current Price	$979.00
Upside	-36.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	38.87	71.48	72.71	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-45.62%	-1.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.26%	6.10%	4.72%	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)	5,825.00
(-) Cash Dividends Paid (M)	5,297.00
(=) Cash Retained (M)	528.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,165.00	728.13	436.88
Cash Retained (M)	528.00	528.00	528.00
(-) Cash Required (M)	-1,165.00	-728.13	-436.88
(=) Excess Retained (M)	-637.00	-200.13	91.13
(/) Shares Outstanding (M)	126.47	126.47	126.47
(=) Excess Retained per Share	-5.04	-1.58	0.72
LTM Dividend per Share	41.88	41.88	41.88
(+) Excess Retained per Share	-5.04	-1.58	0.72
(=) Adjusted Dividend	36.85	40.30	42.60
WACC / Discount Rate	7.65%	7.65%	7.65%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$374.36	$461.48	$557.22
Upside / Downside	-61.76%	-52.86%	-43.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,825.00	5,766.75	5,709.08	5,651.99	5,595.47	5,539.52	5,705.70
Payout Ratio	90.94%	90.75%	90.56%	90.37%	90.19%	90.00%	92.50%
Projected Dividends (M)	5,297.00	5,233.24	5,170.22	5,107.95	5,046.40	4,985.57	5,277.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.65%	7.65%	7.65%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,812.43	4,861.53	4,910.64
Year 2 PV (M)	4,372.16	4,461.85	4,552.44
Year 3 PV (M)	3,972.16	4,095.00	4,220.35
Year 4 PV (M)	3,608.74	3,758.30	3,912.47
Year 5 PV (M)	3,278.55	3,449.27	3,627.04
PV of Terminal Value (M)	74,705.52	78,595.61	82,646.09
Equity Value (M)	94,749.56	99,221.57	103,869.03
Shares Outstanding (M)	126.47	126.47	126.47
Fair Value	$749.19	$784.56	$821.30
Upside / Downside	-23.47%	-19.86%	-16.11%

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PHC Holdings Corporation (6523.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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