DDM Analysis: 9099.T

Valuation Snapshot

Stable Growth	$2,437.42 - $5,238.53	$3,477.16
Multi-Stage	$10,727.70 - $11,839.39	$11,272.55
Blended Fair Value	$7,374.86
Current Price	$5,730.00
Upside	28.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.40%	0.00%	33.53	30.45	24.33	24.42	24.64	22.40	22.49	24.82	16.33	0.00
YoY Growth	-	-	10.12%	25.14%	-0.36%	-0.89%	10.02%	-0.39%	-9.40%	52.02%	0.00%	0.00%
Dividend Yield	-	-	0.59%	2.41%	2.30%	1.45%	1.56%	1.63%	1.69%	1.87%	1.53%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,084.00
(-) Cash Dividends Paid (M)	209.00
(=) Cash Retained (M)	2,875.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	616.80	385.50	231.30
Cash Retained (M)	2,875.00	2,875.00	2,875.00
(-) Cash Required (M)	-616.80	-385.50	-231.30
(=) Excess Retained (M)	2,258.20	2,489.50	2,643.70
(/) Shares Outstanding (M)	22.73	22.73	22.73
(=) Excess Retained per Share	99.37	109.55	116.33
LTM Dividend per Share	9.20	9.20	9.20
(+) Excess Retained per Share	99.37	109.55	116.33
(=) Adjusted Dividend	108.57	118.74	125.53
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$2,437.42	$3,477.16	$5,238.53
Upside / Downside	-57.46%	-39.32%	-8.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,084.00	3,099.96	3,115.99	3,132.12	3,148.32	3,164.61	3,259.55
Payout Ratio	6.78%	23.42%	40.07%	56.71%	73.36%	90.00%	92.50%
Projected Dividends (M)	209.00	726.06	1,248.46	1,776.25	2,309.46	2,848.15	3,015.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	691.52	698.47	705.42
Year 2 PV (M)	1,132.51	1,155.38	1,178.48
Year 3 PV (M)	1,534.63	1,581.36	1,629.02
Year 4 PV (M)	1,900.40	1,977.94	2,057.83
Year 5 PV (M)	2,232.18	2,346.61	2,465.68
PV of Terminal Value (M)	236,300.99	248,414.35	261,019.45
Equity Value (M)	243,792.22	256,174.10	269,055.89
Shares Outstanding (M)	22.73	22.73	22.73
Fair Value	$10,727.70	$11,272.55	$11,839.39
Upside / Downside	87.22%	96.73%	106.62%

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Chilled & Frozen Logistics Holdings Co., Ltd. (9099.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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