DDM Analysis: 4023.T

Valuation Snapshot

Stable Growth	$2,484.59 - $4,443.60	$3,307.94
Multi-Stage	$4,298.13 - $4,719.74	$4,504.90
Blended Fair Value	$3,906.42
Current Price	$3,820.00
Upside	2.26%
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	5.25%	8.96%	99.73	112.74	104.42	71.01	71.01	77.22	61.87	43.51	40.45	44.11
YoY Growth	-	-	-11.54%	7.97%	47.05%	0.00%	-8.04%	24.80%	42.20%	7.57%	-8.30%	4.35%
Dividend Yield	-	-	3.17%	4.01%	3.82%	2.23%	3.31%	4.92%	2.50%	1.65%	2.19%	3.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,468.00
(-) Cash Dividends Paid (M)	4,431.00
(=) Cash Retained (M)	4,037.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,693.60	1,058.50	635.10
Cash Retained (M)	4,037.00	4,037.00	4,037.00
(-) Cash Required (M)	-1,693.60	-1,058.50	-635.10
(=) Excess Retained (M)	2,343.40	2,978.50	3,401.90
(/) Shares Outstanding (M)	46.73	46.73	46.73
(=) Excess Retained per Share	50.15	63.75	72.81
LTM Dividend per Share	94.83	94.83	94.83
(+) Excess Retained per Share	50.15	63.75	72.81
(=) Adjusted Dividend	144.98	158.58	167.64
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.61%	1.61%	2.61%
Fair Value	$2,484.59	$3,307.94	$4,443.60
Upside / Downside	-34.96%	-13.40%	16.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,468.00	8,604.75	8,743.70	8,884.90	9,028.38	9,174.17	9,449.40
Payout Ratio	52.33%	59.86%	67.40%	74.93%	82.47%	90.00%	92.50%
Projected Dividends (M)	4,431.00	5,150.90	5,892.89	6,657.51	7,445.28	8,256.76	8,740.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.61%	1.61%	2.61%
Year 1 PV (M)	4,789.55	4,837.16	4,884.76
Year 2 PV (M)	5,095.10	5,196.88	5,299.67
Year 3 PV (M)	5,352.39	5,513.57	5,677.96
Year 4 PV (M)	5,565.82	5,790.41	6,021.73
Year 5 PV (M)	5,739.44	6,030.39	6,333.01
PV of Terminal Value (M)	174,288.21	183,123.25	192,313.01
Equity Value (M)	200,830.51	210,491.66	220,530.14
Shares Outstanding (M)	46.73	46.73	46.73
Fair Value	$4,298.13	$4,504.90	$4,719.74
Upside / Downside	12.52%	17.93%	23.55%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 24 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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

Fundamentals

Valuations

Miscellaneous

Ticker

Industry

Sector

Kureha Corporation (4023.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener