DDM Analysis: 4708.T

Valuation Snapshot

Stable Growth	$765.25 - $1,268.84	$987.98
Multi-Stage	$1,379.98 - $1,515.69	$1,446.53
Blended Fair Value	$1,217.26
Current Price	$1,457.00
Upside	-16.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	4.15%	-2.47%	43.00	44.82	40.84	39.33	38.26	35.09	30.85	30.86	30.84	46.76
YoY Growth	-	-	-4.06%	9.74%	3.84%	2.78%	9.05%	13.75%	-0.05%	0.06%	-34.04%	-15.35%
Dividend Yield	-	-	2.95%	4.19%	3.01%	3.92%	3.04%	2.22%	2.52%	2.90%	2.25%	4.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,301.00
(-) Cash Dividends Paid (M)	2,134.99
(=) Cash Retained (M)	2,166.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	860.20	537.63	322.58
Cash Retained (M)	2,166.01	2,166.01	2,166.01
(-) Cash Required (M)	-860.20	-537.63	-322.58
(=) Excess Retained (M)	1,305.81	1,628.38	1,843.43
(/) Shares Outstanding (M)	64.84	64.84	64.84
(=) Excess Retained per Share	20.14	25.11	28.43
LTM Dividend per Share	32.93	32.93	32.93
(+) Excess Retained per Share	20.14	25.11	28.43
(=) Adjusted Dividend	53.07	58.04	61.36
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-0.10%	0.90%	1.90%
Fair Value	$765.25	$987.98	$1,268.84
Upside / Downside	-47.48%	-32.19%	-12.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,301.00	4,339.59	4,378.53	4,417.82	4,457.46	4,497.46	4,632.38
Payout Ratio	49.64%	57.71%	65.78%	73.86%	81.93%	90.00%	92.50%
Projected Dividends (M)	2,134.99	2,504.45	2,880.36	3,262.82	3,651.90	4,047.71	4,284.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-0.10%	0.90%	1.90%
Year 1 PV (M)	2,321.21	2,344.44	2,367.68
Year 2 PV (M)	2,474.29	2,524.07	2,574.35
Year 3 PV (M)	2,597.75	2,676.55	2,756.92
Year 4 PV (M)	2,694.80	2,804.33	2,917.17
Year 5 PV (M)	2,768.33	2,909.69	3,056.77
PV of Terminal Value (M)	76,618.60	80,531.02	84,601.65
Equity Value (M)	89,474.98	93,790.10	98,274.55
Shares Outstanding (M)	64.84	64.84	64.84
Fair Value	$1,379.98	$1,446.53	$1,515.69
Upside / Downside	-5.29%	-0.72%	4.03%

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Relia, Inc. (4708.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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