DDM Analysis: 2908.T

Valuation Snapshot

Stable Growth	$301.71 - $441.57	$369.14
Multi-Stage	$522.45 - $574.26	$547.85
Blended Fair Value	$458.50
Current Price	$1,594.00
Upside	-71.24%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.87%	2.54%	46.12	46.05	46.72	45.35	43.28	40.05	38.96	37.94	35.83	35.79
YoY Growth	-	-	0.15%	-1.43%	3.02%	4.79%	8.07%	2.80%	2.69%	5.88%	0.10%	-0.29%
Dividend Yield	-	-	2.89%	2.49%	2.48%	2.27%	2.27%	2.00%	1.89%	1.34%	1.39%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,130.00
(-) Cash Dividends Paid (M)	328.00
(=) Cash Retained (M)	802.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	226.00	141.25	84.75
Cash Retained (M)	802.00	802.00	802.00
(-) Cash Required (M)	-226.00	-141.25	-84.75
(=) Excess Retained (M)	576.00	660.75	717.25
(/) Shares Outstanding (M)	28.47	28.47	28.47
(=) Excess Retained per Share	20.23	23.21	25.20
LTM Dividend per Share	11.52	11.52	11.52
(+) Excess Retained per Share	20.23	23.21	25.20
(=) Adjusted Dividend	31.76	34.73	36.72
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	-1.97%	-0.97%	0.03%
Fair Value	$301.71	$369.14	$441.57
Upside / Downside	-81.07%	-76.84%	-72.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,130.00	1,119.06	1,108.22	1,097.49	1,086.86	1,076.33	1,108.62
Payout Ratio	29.03%	41.22%	53.42%	65.61%	77.81%	90.00%	92.50%
Projected Dividends (M)	328.00	461.29	591.97	720.07	845.63	968.70	1,025.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	-1.97%	-0.97%	0.03%
Year 1 PV (M)	421.44	425.74	430.04
Year 2 PV (M)	494.12	504.25	514.48
Year 3 PV (M)	549.13	566.10	583.43
Year 4 PV (M)	589.18	613.59	638.75
Year 5 PV (M)	616.62	648.72	682.14
PV of Terminal Value (M)	12,202.66	12,837.87	13,499.27
Equity Value (M)	14,873.15	15,596.28	16,348.11
Shares Outstanding (M)	28.47	28.47	28.47
Fair Value	$522.45	$547.85	$574.26
Upside / Downside	-67.22%	-65.63%	-63.97%

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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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Fujicco Co., Ltd. (2908.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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