DDM Analysis: 3612.T

Valuation Snapshot

Stable Growth	$2,705.17 - $4,092.21	$3,358.55
Multi-Stage	$6,812.34 - $7,514.80	$7,156.56
Blended Fair Value	$5,257.55
Current Price	$2,516.00
Upside	108.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-2.52%	0.00%	63.77	67.23	51.96	0.03	23.30	72.44	0.00	0.00	0.00	0.00
YoY Growth	-	-	-5.16%	29.39%	185,700.00%	-99.88%	-67.84%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.53%	3.17%	3.15%	0.00%	1.59%	4.42%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,326.00
(-) Cash Dividends Paid (M)	2,719.00
(=) Cash Retained (M)	8,607.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,265.20	1,415.75	849.45
Cash Retained (M)	8,607.00	8,607.00	8,607.00
(-) Cash Required (M)	-2,265.20	-1,415.75	-849.45
(=) Excess Retained (M)	6,341.80	7,191.25	7,757.55
(/) Shares Outstanding (M)	35.76	35.76	35.76
(=) Excess Retained per Share	177.37	201.12	216.96
LTM Dividend per Share	76.04	76.04	76.04
(+) Excess Retained per Share	177.37	201.12	216.96
(=) Adjusted Dividend	253.41	277.17	293.01
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-2.91%	-1.91%	-0.91%
Fair Value	$2,705.17	$3,358.55	$4,092.21
Upside / Downside	7.52%	33.49%	62.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,326.00	11,109.17	10,896.49	10,687.88	10,483.26	10,282.56	10,591.04
Payout Ratio	24.01%	37.21%	50.40%	63.60%	76.80%	90.00%	92.50%
Projected Dividends (M)	2,719.00	4,133.21	5,492.27	6,797.78	8,051.29	9,254.31	9,796.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-2.91%	-1.91%	-0.91%
Year 1 PV (M)	3,852.95	3,892.64	3,932.32
Year 2 PV (M)	4,772.70	4,871.53	4,971.36
Year 3 PV (M)	5,506.62	5,678.54	5,854.00
Year 4 PV (M)	6,079.81	6,334.20	6,596.49
Year 5 PV (M)	6,514.41	6,856.89	7,213.62
PV of Terminal Value (M)	216,851.28	228,251.78	240,126.80
Equity Value (M)	243,577.76	255,885.56	268,694.60
Shares Outstanding (M)	35.76	35.76	35.76
Fair Value	$6,812.34	$7,156.56	$7,514.80
Upside / Downside	170.76%	184.44%	198.68%

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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%

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World Co., Ltd. (3612.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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