DDM Analysis: 6197.T

Valuation Snapshot

Stable Growth	$528.19 - $863.72	$678.00
Multi-Stage	$970.55 - $1,066.57	$1,017.63
Blended Fair Value	$847.81
Current Price	$489.00
Upside	73.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-0.90%	0.00%	19.99	20.45	20.50	20.47	19.95	20.91	16.20	14.53	11.72	21.68
YoY Growth	-	-	-2.23%	-0.26%	0.16%	2.61%	-4.61%	29.12%	11.49%	23.99%	-45.96%	0.00%
Dividend Yield	-	-	4.79%	4.37%	3.09%	2.81%	1.42%	1.95%	1.62%	1.17%	2.34%	5.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,385.00
(-) Cash Dividends Paid (M)	1,847.00
(=) Cash Retained (M)	2,538.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	877.00	548.13	328.88
Cash Retained (M)	2,538.00	2,538.00	2,538.00
(-) Cash Required (M)	-877.00	-548.13	-328.88
(=) Excess Retained (M)	1,661.00	1,989.88	2,209.13
(/) Shares Outstanding (M)	92.23	92.23	92.23
(=) Excess Retained per Share	18.01	21.57	23.95
LTM Dividend per Share	20.03	20.03	20.03
(+) Excess Retained per Share	18.01	21.57	23.95
(=) Adjusted Dividend	38.03	41.60	43.98
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-0.35%	0.65%	1.65%
Fair Value	$528.19	$678.00	$863.72
Upside / Downside	8.02%	38.65%	76.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,385.00	4,413.61	4,442.41	4,471.39	4,500.57	4,529.93	4,665.83
Payout Ratio	42.12%	51.70%	61.27%	70.85%	80.42%	90.00%	92.50%
Projected Dividends (M)	1,847.00	2,281.69	2,721.98	3,167.91	3,619.54	4,076.94	4,315.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-0.35%	0.65%	1.65%
Year 1 PV (M)	2,114.63	2,135.85	2,157.07
Year 2 PV (M)	2,337.98	2,385.13	2,432.76
Year 3 PV (M)	2,521.77	2,598.46	2,676.68
Year 4 PV (M)	2,670.33	2,779.14	2,891.24
Year 5 PV (M)	2,787.56	2,930.26	3,078.74
PV of Terminal Value (M)	77,084.97	81,031.07	85,137.14
Equity Value (M)	89,517.24	93,859.91	98,373.64
Shares Outstanding (M)	92.23	92.23	92.23
Fair Value	$970.55	$1,017.63	$1,066.57
Upside / Downside	98.48%	108.10%	118.11%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
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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%
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Solasto Corporation (6197.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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