DDM Analysis: 8002.T

Valuation Snapshot

Stable Growth	$34,456.37 - $68,519.18	$64,212.51
Multi-Stage	$10,523.95 - $11,524.25	$11,014.89
Blended Fair Value	$37,613.70
Current Price	$3,698.00
Upside	917.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	19.75%	12.79%	89.09	83.69	76.84	49.84	29.89	36.17	37.22	27.26	20.97	24.64
YoY Growth	-	-	6.45%	8.91%	54.17%	66.75%	-17.36%	-2.81%	36.54%	30.00%	-14.89%	-7.84%
Dividend Yield	-	-	3.06%	2.80%	3.15%	4.07%	3.09%	7.42%	5.02%	3.23%	2.89%	5.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	570,338.00
(-) Cash Dividends Paid (M)	157,575.00
(=) Cash Retained (M)	412,763.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114,067.60	71,292.25	42,775.35
Cash Retained (M)	412,763.00	412,763.00	412,763.00
(-) Cash Required (M)	-114,067.60	-71,292.25	-42,775.35
(=) Excess Retained (M)	298,695.40	341,470.75	369,987.65
(/) Shares Outstanding (M)	1,655.39	1,655.39	1,655.39
(=) Excess Retained per Share	180.44	206.28	223.50
LTM Dividend per Share	95.19	95.19	95.19
(+) Excess Retained per Share	180.44	206.28	223.50
(=) Adjusted Dividend	275.63	301.47	318.69
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$34,456.37	$64,212.51	$68,519.18
Upside / Downside	831.76%	1,636.41%	1,752.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	570,338.00	607,409.97	646,891.62	688,939.57	733,720.65	781,412.49	804,854.86
Payout Ratio	27.63%	40.10%	52.58%	65.05%	77.53%	90.00%	92.50%
Projected Dividends (M)	157,575.00	243,587.69	340,116.29	448,164.43	568,821.85	703,271.24	744,490.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	226,905.75	229,056.52	231,207.28
Year 2 PV (M)	295,126.18	300,747.51	306,421.87
Year 3 PV (M)	362,249.56	372,648.44	383,244.45
Year 4 PV (M)	428,288.98	444,759.77	461,701.12
Year 5 PV (M)	493,257.44	517,081.96	541,818.30
PV of Terminal Value (M)	15,615,407.08	16,369,637.08	17,152,733.24
Equity Value (M)	17,421,235.00	18,233,931.28	19,077,126.26
Shares Outstanding (M)	1,655.39	1,655.39	1,655.39
Fair Value	$10,523.95	$11,014.89	$11,524.25
Upside / Downside	184.58%	197.86%	211.63%

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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%
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0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
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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%
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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%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Marubeni Corporation (8002.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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