DDM Analysis: 2229.T

Valuation Snapshot

Stable Growth	$3,168.99 - $8,404.64	$4,845.88
Multi-Stage	$3,803.56 - $4,172.30	$3,984.45
Blended Fair Value	$4,415.17
Current Price	$2,745.00
Upside	60.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.74%	9.08%	56.07	52.06	53.81	53.56	53.57	51.43	44.99	44.96	37.43	29.92
YoY Growth	-	-	7.70%	-3.26%	0.46%	-0.01%	4.17%	14.30%	0.07%	20.10%	25.12%	27.27%
Dividend Yield	-	-	2.04%	1.68%	1.97%	1.96%	2.09%	1.72%	1.53%	1.08%	0.85%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,347.00
(-) Cash Dividends Paid (M)	7,257.00
(=) Cash Retained (M)	10,090.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,469.40	2,168.38	1,301.03
Cash Retained (M)	10,090.00	10,090.00	10,090.00
(-) Cash Required (M)	-3,469.40	-2,168.38	-1,301.03
(=) Excess Retained (M)	6,620.60	7,921.63	8,788.98
(/) Shares Outstanding (M)	124.94	124.94	124.94
(=) Excess Retained per Share	52.99	63.40	70.35
LTM Dividend per Share	58.09	58.09	58.09
(+) Excess Retained per Share	52.99	63.40	70.35
(=) Adjusted Dividend	111.08	121.49	128.43
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	2.71%	3.71%	4.71%
Fair Value	$3,168.99	$4,845.88	$8,404.64
Upside / Downside	15.45%	76.53%	206.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,347.00	17,990.52	18,657.92	19,350.08	20,067.91	20,812.37	21,436.74
Payout Ratio	41.83%	51.47%	61.10%	70.73%	80.37%	90.00%	92.50%
Projected Dividends (M)	7,257.00	9,259.27	11,400.10	13,687.03	16,127.95	18,731.13	19,828.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	2.71%	3.71%	4.71%
Year 1 PV (M)	8,625.72	8,709.70	8,793.68
Year 2 PV (M)	9,893.42	10,087.00	10,282.46
Year 3 PV (M)	11,065.36	11,391.72	11,724.44
Year 4 PV (M)	12,146.59	12,626.59	13,120.68
Year 5 PV (M)	13,141.90	13,794.24	14,472.23
PV of Terminal Value (M)	420,333.72	441,198.28	462,883.29
Equity Value (M)	475,206.71	497,807.54	521,276.78
Shares Outstanding (M)	124.94	124.94	124.94
Fair Value	$3,803.56	$3,984.45	$4,172.30
Upside / Downside	38.56%	45.15%	52.00%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
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%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

Financial Statements

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Calbee, Inc. (2229.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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