DDM Analysis: 403870.KQ

Valuation Snapshot

Stable Growth	$42,011.90 - $201,803.84	$91,050.74
Multi-Stage	$23,049.27 - $25,179.65	$24,095.11
Blended Fair Value	$57,572.92
Current Price	$33,750.00
Upside	70.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	143.12%	0.00%	91.68	22.21	0.00	244.98	92.92	1.08	83.67	0.00	0.00	0.00
YoY Growth	-	-	312.86%	0.00%	-100.00%	163.66%	8,508.32%	-98.71%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.35%	0.04%	0.00%	2.27%	0.86%	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)	82,868.45
(-) Cash Dividends Paid (M)	48,219.20
(=) Cash Retained (M)	34,649.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16,573.69	10,358.56	6,215.13
Cash Retained (M)	34,649.24	34,649.24	34,649.24
(-) Cash Required (M)	-16,573.69	-10,358.56	-6,215.13
(=) Excess Retained (M)	18,075.55	24,290.69	28,434.11
(/) Shares Outstanding (M)	81.67	81.67	81.67
(=) Excess Retained per Share	221.34	297.44	348.18
LTM Dividend per Share	590.45	590.45	590.45
(+) Excess Retained per Share	221.34	297.44	348.18
(=) Adjusted Dividend	811.78	887.89	938.62
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42,011.90	$91,050.74	$201,803.84
Upside / Downside	24.48%	169.78%	497.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82,868.45	88,254.89	93,991.46	100,100.91	106,607.47	113,536.95	116,943.06
Payout Ratio	58.19%	64.55%	70.91%	77.28%	83.64%	90.00%	92.50%
Projected Dividends (M)	48,219.20	56,968.64	66,651.78	77,353.04	89,163.85	102,183.26	108,172.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52,477.67	52,975.09	53,472.51
Year 2 PV (M)	56,557.37	57,634.63	58,722.05
Year 3 PV (M)	60,463.53	62,199.22	63,967.82
Year 4 PV (M)	64,201.28	66,670.28	69,209.82
Year 5 PV (M)	67,775.59	71,049.18	74,448.05
PV of Terminal Value (M)	1,580,860.50	1,657,216.65	1,736,495.13
Equity Value (M)	1,882,335.94	1,967,745.05	2,056,315.38
Shares Outstanding (M)	81.67	81.67	81.67
Fair Value	$23,049.27	$24,095.11	$25,179.65
Upside / Downside	-31.71%	-28.61%	-25.39%

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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%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
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0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
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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%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
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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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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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HPSP Co., Ltd. (403870.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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