DDM Analysis: 3031.T

Valuation Snapshot

Stable Growth	$1,969.26 - $7,765.76	$5,402.34
Multi-Stage	$952.65 - $1,041.96	$996.49
Blended Fair Value	$3,199.41
Current Price	$822.00
Upside	289.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.70%	29.22%	15.05	18.38	19.76	19.82	14.46	5.20	4.32	3.67	3.68	1.80
YoY Growth	-	-	-18.11%	-7.02%	-0.30%	37.04%	178.35%	20.27%	17.60%	-0.24%	104.08%	55.72%
Dividend Yield	-	-	1.83%	3.07%	2.77%	1.29%	0.62%	0.44%	0.68%	0.73%	0.53%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	836.98
(-) Cash Dividends Paid (M)	322.55
(=) Cash Retained (M)	514.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	167.40	104.62	62.77
Cash Retained (M)	514.43	514.43	514.43
(-) Cash Required (M)	-167.40	-104.62	-62.77
(=) Excess Retained (M)	347.03	409.81	451.65
(/) Shares Outstanding (M)	21.43	21.43	21.43
(=) Excess Retained per Share	16.19	19.12	21.07
LTM Dividend per Share	15.05	15.05	15.05
(+) Excess Retained per Share	16.19	19.12	21.07
(=) Adjusted Dividend	31.24	34.17	36.12
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,969.26	$5,402.34	$7,765.76
Upside / Downside	139.57%	557.22%	844.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	836.98	891.38	949.32	1,011.02	1,076.74	1,146.73	1,181.13
Payout Ratio	38.54%	48.83%	59.12%	69.41%	79.71%	90.00%	92.50%
Projected Dividends (M)	322.55	435.26	561.26	701.80	858.24	1,032.06	1,092.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	402.31	406.13	409.94
Year 2 PV (M)	479.51	488.64	497.86
Year 3 PV (M)	554.19	570.10	586.31
Year 4 PV (M)	626.43	650.52	675.30
Year 5 PV (M)	696.27	729.90	764.82
PV of Terminal Value (M)	17,660.73	18,513.75	19,399.42
Equity Value (M)	20,419.45	21,359.04	22,333.65
Shares Outstanding (M)	21.43	21.43	21.43
Fair Value	$952.65	$996.49	$1,041.96
Upside / Downside	15.89%	21.23%	26.76%

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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%
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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%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
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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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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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RACCOON HOLDINGS, Inc. (3031.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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