DDM Analysis: 6462.T

Valuation Snapshot

Stable Growth	$4,244.43 - $6,478.12	$5,290.08
Multi-Stage	$9,484.92 - $10,454.27	$9,960.00
Blended Fair Value	$7,625.04
Current Price	$3,125.00
Upside	144.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-1.98%	1.07%	119.55	114.37	104.01	137.88	141.86	132.10	118.35	118.05	117.45	107.59
YoY Growth	-	-	4.53%	9.96%	-24.57%	-2.81%	7.39%	11.62%	0.25%	0.51%	9.17%	0.09%
Dividend Yield	-	-	3.83%	4.89%	4.07%	4.61%	3.37%	2.28%	2.33%	3.76%	2.49%	2.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,803.00
(-) Cash Dividends Paid (M)	1,009.00
(=) Cash Retained (M)	3,794.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	960.60	600.38	360.23
Cash Retained (M)	3,794.00	3,794.00	3,794.00
(-) Cash Required (M)	-960.60	-600.38	-360.23
(=) Excess Retained (M)	2,833.40	3,193.63	3,433.78
(/) Shares Outstanding (M)	10.04	10.04	10.04
(=) Excess Retained per Share	282.27	318.16	342.08
LTM Dividend per Share	100.52	100.52	100.52
(+) Excess Retained per Share	282.27	318.16	342.08
(=) Adjusted Dividend	382.79	418.68	442.60
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.28%	-1.28%	-0.28%
Fair Value	$4,244.43	$5,290.08	$6,478.12
Upside / Downside	35.82%	69.28%	107.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,803.00	4,741.72	4,681.23	4,621.51	4,562.55	4,504.34	4,639.47
Payout Ratio	21.01%	34.81%	48.60%	62.40%	76.20%	90.00%	92.50%
Projected Dividends (M)	1,009.00	1,650.41	2,275.29	2,883.96	3,476.73	4,053.91	4,291.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.28%	-1.28%	-0.28%
Year 1 PV (M)	1,533.44	1,549.14	1,564.83
Year 2 PV (M)	1,964.21	2,004.62	2,045.43
Year 3 PV (M)	2,313.22	2,384.96	2,458.17
Year 4 PV (M)	2,591.04	2,698.73	2,809.75
Year 5 PV (M)	2,807.06	2,953.65	3,106.30
PV of Terminal Value (M)	83,999.83	88,386.49	92,954.53
Equity Value (M)	95,208.80	99,977.58	104,939.01
Shares Outstanding (M)	10.04	10.04	10.04
Fair Value	$9,484.92	$9,960.00	$10,454.27
Upside / Downside	203.52%	218.72%	234.54%

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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%
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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%
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Riken Corporation (6462.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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