DDM Analysis: 6794.T

Valuation Snapshot

Stable Growth	$2,716.25 - $5,016.47	$3,662.35
Multi-Stage	$4,549.34 - $4,998.15	$4,769.44
Blended Fair Value	$4,215.90
Current Price	$2,338.00
Upside	80.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.86%	0.50%	35.11	20.02	9.99	15.00	25.52	30.50	51.68	51.95	47.92	63.45
YoY Growth	-	-	75.39%	100.45%	-33.43%	-41.23%	-16.30%	-40.99%	-0.52%	8.41%	-24.49%	89.95%
Dividend Yield	-	-	2.23%	1.17%	1.07%	2.05%	2.62%	2.90%	3.22%	3.26%	2.47%	3.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,159.00
(-) Cash Dividends Paid (M)	1,568.00
(=) Cash Retained (M)	2,591.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	831.80	519.88	311.93
Cash Retained (M)	2,591.00	2,591.00	2,591.00
(-) Cash Required (M)	-831.80	-519.88	-311.93
(=) Excess Retained (M)	1,759.20	2,071.13	2,279.08
(/) Shares Outstanding (M)	22.33	22.33	22.33
(=) Excess Retained per Share	78.78	92.75	102.06
LTM Dividend per Share	70.22	70.22	70.22
(+) Excess Retained per Share	78.78	92.75	102.06
(=) Adjusted Dividend	148.99	162.96	172.27
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	0.86%	1.86%	2.86%
Fair Value	$2,716.25	$3,662.35	$5,016.47
Upside / Downside	16.18%	56.64%	114.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,159.00	4,236.23	4,314.90	4,395.03	4,476.64	4,559.77	4,696.56
Payout Ratio	37.70%	48.16%	58.62%	69.08%	79.54%	90.00%	92.50%
Projected Dividends (M)	1,568.00	2,040.22	2,529.43	3,036.11	3,560.73	4,103.79	4,344.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	0.86%	1.86%	2.86%
Year 1 PV (M)	1,898.86	1,917.69	1,936.52
Year 2 PV (M)	2,191.07	2,234.74	2,278.83
Year 3 PV (M)	2,447.76	2,521.30	2,596.29
Year 4 PV (M)	2,671.83	2,779.38	2,890.15
Year 5 PV (M)	2,865.97	3,010.90	3,161.63
PV of Terminal Value (M)	89,516.52	94,043.19	98,751.16
Equity Value (M)	101,592.02	106,507.20	111,614.58
Shares Outstanding (M)	22.33	22.33	22.33
Fair Value	$4,549.34	$4,769.44	$4,998.15
Upside / Downside	94.58%	104.00%	113.78%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
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%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
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%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Foster Electric Company, Limited (6794.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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