DDM Analysis: 3843.T

Valuation Snapshot

Stable Growth	$11,368.11 - $26,962.82	$25,268.12
Multi-Stage	$3,918.41 - $4,291.44	$4,101.48
Blended Fair Value	$14,684.80
Current Price	$1,517.00
Upside	868.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	28.11%	14.78%	26.51	7.85	6.95	7.22	7.54	7.68	7.69	7.75	7.68	7.73
YoY Growth	-	-	237.72%	12.97%	-3.75%	-4.28%	-1.83%	-0.06%	-0.87%	0.99%	-0.69%	15.73%
Dividend Yield	-	-	1.75%	0.57%	0.59%	0.81%	0.97%	1.04%	0.70%	0.75%	0.86%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,749.30
(-) Cash Dividends Paid (M)	537.00
(=) Cash Retained (M)	2,212.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	549.86	343.66	206.20
Cash Retained (M)	2,212.30	2,212.30	2,212.30
(-) Cash Required (M)	-549.86	-343.66	-206.20
(=) Excess Retained (M)	1,662.44	1,868.63	2,006.10
(/) Shares Outstanding (M)	20.28	20.28	20.28
(=) Excess Retained per Share	81.98	92.15	98.93
LTM Dividend per Share	26.48	26.48	26.48
(+) Excess Retained per Share	81.98	92.15	98.93
(=) Adjusted Dividend	108.46	118.63	125.41
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11,368.11	$25,268.12	$26,962.82
Upside / Downside	649.38%	1,565.66%	1,677.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,749.30	2,928.00	3,118.32	3,321.01	3,536.88	3,766.77	3,879.78
Payout Ratio	19.53%	33.63%	47.72%	61.81%	75.91%	90.00%	92.50%
Projected Dividends (M)	537.00	984.56	1,488.04	2,052.81	2,684.72	3,390.10	3,588.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	915.74	924.42	933.10
Year 2 PV (M)	1,287.27	1,311.78	1,336.53
Year 3 PV (M)	1,651.69	1,699.11	1,747.42
Year 4 PV (M)	2,009.11	2,086.38	2,165.85
Year 5 PV (M)	2,359.63	2,473.60	2,591.94
PV of Terminal Value (M)	71,236.01	74,676.73	78,249.14
Equity Value (M)	79,459.45	83,172.02	87,023.98
Shares Outstanding (M)	20.28	20.28	20.28
Fair Value	$3,918.41	$4,101.48	$4,291.44
Upside / Downside	158.30%	170.37%	182.89%

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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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FreeBit Co., Ltd. (3843.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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