DDM Analysis: 7703.TWO

Valuation Snapshot

Stable Growth	$86.70 - $134.16	$108.71
Multi-Stage	$199.92 - $219.95	$209.74
Blended Fair Value	$159.22
Current Price	$226.00
Upside	-29.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	6.44	7.33	3.06	0.00	1.82	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-12.22%	140.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.55%	4.02%	2.09%	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)	320.03
(-) Cash Dividends Paid (M)	191.10
(=) Cash Retained (M)	128.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.01	40.00	24.00
Cash Retained (M)	128.93	128.93	128.93
(-) Cash Required (M)	-64.01	-40.00	-24.00
(=) Excess Retained (M)	64.93	88.93	104.93
(/) Shares Outstanding (M)	34.37	34.37	34.37
(=) Excess Retained per Share	1.89	2.59	3.05
LTM Dividend per Share	5.56	5.56	5.56
(+) Excess Retained per Share	1.89	2.59	3.05
(=) Adjusted Dividend	7.45	8.15	8.61
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$86.70	$108.71	$134.16
Upside / Downside	-61.64%	-51.90%	-40.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	320.03	316.83	313.66	310.52	307.42	304.35	313.48
Payout Ratio	59.71%	65.77%	71.83%	77.89%	83.94%	90.00%	92.50%
Projected Dividends (M)	191.10	208.38	225.30	241.85	258.06	273.91	289.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	193.83	195.81	197.79
Year 2 PV (M)	194.93	198.93	202.97
Year 3 PV (M)	194.65	200.67	206.81
Year 4 PV (M)	193.19	201.20	209.45
Year 5 PV (M)	190.74	200.67	211.01
PV of Terminal Value (M)	5,903.77	6,211.20	6,531.30
Equity Value (M)	6,871.12	7,208.47	7,559.33
Shares Outstanding (M)	34.37	34.37	34.37
Fair Value	$199.92	$209.74	$219.95
Upside / Downside	-11.54%	-7.19%	-2.68%

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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%
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%
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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%
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AR	Antero Resources Corporation	0.88%	$0.30	17.15%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Rayzher (7703.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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