DDM Analysis: 4953.TWO

Valuation Snapshot

Stable Growth	$368.88 - $1,150.52	$1,078.20
Multi-Stage	$159.92 - $174.68	$167.16
Blended Fair Value	$622.68
Current Price	$101.50
Upside	513.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.72%	30.60%	4.90	4.51	4.13	4.45	2.88	1.39	0.29	0.64	0.59	0.87
YoY Growth	-	-	8.51%	9.37%	-7.29%	54.72%	107.58%	372.22%	-53.99%	7.37%	-31.33%	155.00%
Dividend Yield	-	-	5.13%	3.17%	3.57%	4.69%	2.70%	2.13%	0.28%	2.27%	3.08%	5.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	427.31
(-) Cash Dividends Paid (M)	361.72
(=) Cash Retained (M)	65.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.46	53.41	32.05
Cash Retained (M)	65.59	65.59	65.59
(-) Cash Required (M)	-85.46	-53.41	-32.05
(=) Excess Retained (M)	-19.87	12.17	33.54
(/) Shares Outstanding (M)	73.86	73.86	73.86
(=) Excess Retained per Share	-0.27	0.16	0.45
LTM Dividend per Share	4.90	4.90	4.90
(+) Excess Retained per Share	-0.27	0.16	0.45
(=) Adjusted Dividend	4.63	5.06	5.35
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$368.88	$1,078.20	$1,150.52
Upside / Downside	263.43%	962.27%	1,033.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	427.31	455.08	484.66	516.16	549.71	585.45	603.01
Payout Ratio	84.65%	85.72%	86.79%	87.86%	88.93%	90.00%	92.50%
Projected Dividends (M)	361.72	390.10	420.64	453.50	488.86	526.90	557.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	361.75	365.18	368.61
Year 2 PV (M)	361.73	368.62	375.57
Year 3 PV (M)	361.65	372.03	382.61
Year 4 PV (M)	361.52	375.42	389.72
Year 5 PV (M)	361.33	378.78	396.91
PV of Terminal Value (M)	10,003.84	10,487.03	10,988.72
Equity Value (M)	11,811.82	12,347.07	12,902.13
Shares Outstanding (M)	73.86	73.86	73.86
Fair Value	$159.92	$167.16	$174.68
Upside / Downside	57.55%	64.69%	72.10%

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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%
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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%
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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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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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WITS Corp. (4953.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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