DDM Analysis: 3123.T

Valuation Snapshot

Stable Growth	$857.17 - $1,574.28	$1,153.23
Multi-Stage	$1,456.76 - $1,601.41	$1,527.70
Blended Fair Value	$1,340.46
Current Price	$496.00
Upside	170.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	2.75%	0.00%	16.06	16.06	14.05	14.05	14.04	14.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.02%	14.30%	0.02%	0.09%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.24%	3.16%	3.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	774.26
(-) Cash Dividends Paid (M)	208.08
(=) Cash Retained (M)	566.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	154.85	96.78	58.07
Cash Retained (M)	566.18	566.18	566.18
(-) Cash Required (M)	-154.85	-96.78	-58.07
(=) Excess Retained (M)	411.33	469.40	508.11
(/) Shares Outstanding (M)	13.03	13.03	13.03
(=) Excess Retained per Share	31.57	36.03	39.00
LTM Dividend per Share	15.97	15.97	15.97
(+) Excess Retained per Share	31.57	36.03	39.00
(=) Adjusted Dividend	47.54	51.99	54.97
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.75%	1.75%	2.75%
Fair Value	$857.17	$1,153.23	$1,574.28
Upside / Downside	72.82%	132.51%	217.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	774.26	787.79	801.56	815.56	829.81	844.32	869.64
Payout Ratio	26.87%	39.50%	52.12%	64.75%	77.37%	90.00%	92.50%
Projected Dividends (M)	208.08	311.17	417.81	528.07	642.07	759.88	804.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.75%	1.75%	2.75%
Year 1 PV (M)	289.76	292.63	295.51
Year 2 PV (M)	362.28	369.51	376.81
Year 3 PV (M)	426.38	439.21	452.28
Year 4 PV (M)	482.75	502.20	522.24
Year 5 PV (M)	532.01	558.94	586.96
PV of Terminal Value (M)	16,887.98	17,742.92	18,632.14
Equity Value (M)	18,981.16	19,905.41	20,865.93
Shares Outstanding (M)	13.03	13.03	13.03
Fair Value	$1,456.76	$1,527.70	$1,601.41
Upside / Downside	193.70%	208.00%	222.87%

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Saibo Co., Ltd. (3123.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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