DDM Analysis: 7472.T

Valuation Snapshot

Stable Growth	$54,146.79 - $63,820.50	$59,796.90
Multi-Stage	$34,998.28 - $38,490.43	$36,711.02
Blended Fair Value	$48,253.96
Current Price	$4,160.00
Upside	1,059.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-1.53%	7.32%	121.77	125.13	129.46	109.64	131.57	131.57	120.60	71.27	109.64	65.45
YoY Growth	-	-	-2.68%	-3.35%	18.08%	-16.67%	0.00%	9.09%	69.23%	-35.00%	67.52%	8.92%
Dividend Yield	-	-	3.34%	3.37%	4.09%	3.89%	5.01%	4.72%	3.90%	2.22%	5.14%	3.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,295.92
(-) Cash Dividends Paid (M)	240.37
(=) Cash Retained (M)	1,055.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	259.18	161.99	97.19
Cash Retained (M)	1,055.55	1,055.55	1,055.55
(-) Cash Required (M)	-259.18	-161.99	-97.19
(=) Excess Retained (M)	796.36	893.56	958.35
(/) Shares Outstanding (M)	3.95	3.95	3.95
(=) Excess Retained per Share	201.51	226.10	242.50
LTM Dividend per Share	60.82	60.82	60.82
(+) Excess Retained per Share	201.51	226.10	242.50
(=) Adjusted Dividend	262.33	286.92	303.32
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	3.20%	4.20%	5.20%
Fair Value	$54,146.79	$59,796.90	$63,820.50
Upside / Downside	1,201.61%	1,337.43%	1,434.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,295.92	1,350.39	1,407.15	1,466.29	1,527.92	1,592.14	1,639.90
Payout Ratio	18.55%	32.84%	47.13%	61.42%	75.71%	90.00%	92.50%
Projected Dividends (M)	240.37	443.45	663.17	900.59	1,156.78	1,432.93	1,516.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	3.20%	4.20%	5.20%
Year 1 PV (M)	432.65	436.84	441.04
Year 2 PV (M)	631.27	643.56	655.97
Year 3 PV (M)	836.38	860.93	885.95
Year 4 PV (M)	1,048.15	1,089.37	1,131.79
Year 5 PV (M)	1,266.74	1,329.31	1,394.33
PV of Terminal Value (M)	134,098.26	140,722.20	147,605.36
Equity Value (M)	138,313.45	145,082.21	152,114.43
Shares Outstanding (M)	3.95	3.95	3.95
Fair Value	$34,998.28	$36,711.02	$38,490.43
Upside / Downside	741.30%	782.48%	825.25%

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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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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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TOBA, Inc. (7472.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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