DDM Analysis: 7849.T

Valuation Snapshot

Stable Growth	$43,861.66 - $75,031.79	$70,315.77
Multi-Stage	$11,996.31 - $13,136.24	$12,555.78
Blended Fair Value	$41,435.77
Current Price	$4,400.00
Upside	841.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.67%	19.69%	89.59	29.95	19.79	17.45	17.53	17.47	15.02	15.02	15.11	14.85
YoY Growth	-	-	199.13%	51.32%	13.43%	-0.44%	0.30%	16.34%	-0.02%	-0.55%	1.75%	0.00%
Dividend Yield	-	-	2.32%	0.71%	0.59%	1.16%	1.40%	1.46%	1.07%	1.45%	1.86%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,448.61
(-) Cash Dividends Paid (M)	459.30
(=) Cash Retained (M)	989.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	289.72	181.08	108.65
Cash Retained (M)	989.31	989.31	989.31
(-) Cash Required (M)	-289.72	-181.08	-108.65
(=) Excess Retained (M)	699.59	808.23	880.66
(/) Shares Outstanding (M)	3.84	3.84	3.84
(=) Excess Retained per Share	182.20	210.50	229.36
LTM Dividend per Share	119.62	119.62	119.62
(+) Excess Retained per Share	182.20	210.50	229.36
(=) Adjusted Dividend	301.82	330.12	348.99
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43,861.66	$70,315.77	$75,031.79
Upside / Downside	896.86%	1,498.09%	1,605.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,448.61	1,542.77	1,643.05	1,749.84	1,863.58	1,984.72	2,044.26
Payout Ratio	31.71%	43.36%	55.02%	66.68%	78.34%	90.00%	92.50%
Projected Dividends (M)	459.30	669.02	904.06	1,166.84	1,459.95	1,786.24	1,890.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	623.89	629.81	635.72
Year 2 PV (M)	786.22	801.19	816.31
Year 3 PV (M)	946.30	973.46	1,001.14
Year 4 PV (M)	1,104.15	1,146.61	1,190.29
Year 5 PV (M)	1,259.80	1,320.65	1,383.83
PV of Terminal Value (M)	41,340.59	43,337.36	45,410.55
Equity Value (M)	46,060.95	48,209.08	50,437.83
Shares Outstanding (M)	3.84	3.84	3.84
Fair Value	$11,996.31	$12,555.78	$13,136.24
Upside / Downside	172.64%	185.36%	198.55%

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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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Starts Publishing Corporation (7849.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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