DDM Analysis: 6461.T

Valuation Snapshot

Stable Growth	$2,824.92 - $4,516.68	$3,591.91
Multi-Stage	$5,739.02 - $6,317.81	$6,022.76
Blended Fair Value	$4,807.33
Current Price	$1,574.00
Upside	205.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.85%	8.62%	71.34	40.65	56.89	68.40	104.96	68.40	62.77	62.77	52.29	52.16
YoY Growth	-	-	75.47%	-28.54%	-16.82%	-34.84%	53.46%	8.96%	0.00%	20.05%	0.25%	67.21%
Dividend Yield	-	-	4.53%	3.20%	4.42%	5.66%	7.41%	3.01%	2.80%	4.58%	2.27%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,130.00
(-) Cash Dividends Paid (M)	535.00
(=) Cash Retained (M)	1,595.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	426.00	266.25	159.75
Cash Retained (M)	1,595.00	1,595.00	1,595.00
(-) Cash Required (M)	-426.00	-266.25	-159.75
(=) Excess Retained (M)	1,169.00	1,328.75	1,435.25
(/) Shares Outstanding (M)	7.82	7.82	7.82
(=) Excess Retained per Share	149.45	169.87	183.49
LTM Dividend per Share	68.40	68.40	68.40
(+) Excess Retained per Share	149.45	169.87	183.49
(=) Adjusted Dividend	217.84	238.27	251.88
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-1.09%	-0.09%	0.91%
Fair Value	$2,824.92	$3,591.91	$4,516.68
Upside / Downside	79.47%	128.20%	186.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,130.00	2,128.09	2,126.17	2,124.26	2,122.35	2,120.45	2,184.06
Payout Ratio	25.12%	38.09%	51.07%	64.05%	77.02%	90.00%	92.50%
Projected Dividends (M)	535.00	810.67	1,085.85	1,360.52	1,634.71	1,908.40	2,020.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-1.09%	-0.09%	0.91%
Year 1 PV (M)	753.31	760.92	768.54
Year 2 PV (M)	937.62	956.67	975.92
Year 3 PV (M)	1,091.67	1,125.12	1,159.24
Year 4 PV (M)	1,218.86	1,268.90	1,320.47
Year 5 PV (M)	1,322.24	1,390.45	1,461.44
PV of Terminal Value (M)	39,567.43	41,608.45	43,732.85
Equity Value (M)	44,891.12	47,110.52	49,418.46
Shares Outstanding (M)	7.82	7.82	7.82
Fair Value	$5,739.02	$6,022.76	$6,317.81
Upside / Downside	264.61%	282.64%	301.39%

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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%
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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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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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Nippon Piston Ring Co., Ltd. (6461.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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