DDM Analysis: 7512.T

Valuation Snapshot

Stable Growth	$2,839.05 - $4,548.56	$4,262.66
Multi-Stage	$755.45 - $826.29	$790.22
Blended Fair Value	$2,526.44
Current Price	$920.00
Upside	174.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.92%	7.93%	15.96	11.97	11.96	11.95	9.10	9.09	12.86	7.56	7.55	7.45
YoY Growth	-	-	33.39%	0.06%	0.06%	31.39%	0.08%	-29.34%	70.11%	0.09%	1.45%	0.10%
Dividend Yield	-	-	1.81%	1.28%	1.46%	1.12%	0.89%	1.17%	1.81%	0.94%	1.27%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,188.00
(-) Cash Dividends Paid (M)	2,226.00
(=) Cash Retained (M)	962.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	637.60	398.50	239.10
Cash Retained (M)	962.00	962.00	962.00
(-) Cash Required (M)	-637.60	-398.50	-239.10
(=) Excess Retained (M)	324.40	563.50	722.90
(/) Shares Outstanding (M)	139.39	139.39	139.39
(=) Excess Retained per Share	2.33	4.04	5.19
LTM Dividend per Share	15.97	15.97	15.97
(+) Excess Retained per Share	2.33	4.04	5.19
(=) Adjusted Dividend	18.30	20.01	21.16
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,839.05	$4,262.66	$4,548.56
Upside / Downside	208.59%	363.33%	394.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,188.00	3,395.22	3,615.91	3,850.94	4,101.25	4,367.84	4,498.87
Payout Ratio	69.82%	73.86%	77.89%	81.93%	85.96%	90.00%	92.50%
Projected Dividends (M)	2,226.00	2,507.69	2,816.60	3,155.07	3,525.64	3,931.05	4,161.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,339.56	2,361.74	2,383.91
Year 2 PV (M)	2,451.58	2,498.27	2,545.41
Year 3 PV (M)	2,562.06	2,635.61	2,710.55
Year 4 PV (M)	2,671.03	2,773.75	2,879.41
Year 5 PV (M)	2,778.50	2,912.71	3,052.05
PV of Terminal Value (M)	92,497.51	96,965.18	101,603.83
Equity Value (M)	105,300.25	110,147.26	115,175.16
Shares Outstanding (M)	139.39	139.39	139.39
Fair Value	$755.45	$790.22	$826.29
Upside / Downside	-17.89%	-14.11%	-10.19%

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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%
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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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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Aeon Hokkaido Corporation (7512.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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