DDM Analysis: 9025.T

Valuation Snapshot

Stable Growth	$2,588.14 - $4,128.10	$3,287.14
Multi-Stage	$2,079.39 - $2,267.60	$2,171.81
Blended Fair Value	$2,729.48
Current Price	$3,280.00
Upside	-16.78%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.35%	14.23%	75.97	47.93	35.91	21.84	26.68	37.19	38.45	38.06	36.44	29.73
YoY Growth	-	-	58.49%	33.47%	64.45%	-18.15%	-28.27%	-3.28%	1.04%	4.45%	22.56%	48.03%
Dividend Yield	-	-	2.58%	2.03%	2.18%	1.72%	2.20%	3.20%	2.18%	2.28%	2.38%	2.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,456.00
(-) Cash Dividends Paid (M)	1,087.00
(=) Cash Retained (M)	11,369.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,491.20	1,557.00	934.20
Cash Retained (M)	11,369.00	11,369.00	11,369.00
(-) Cash Required (M)	-2,491.20	-1,557.00	-934.20
(=) Excess Retained (M)	8,877.80	9,812.00	10,434.80
(/) Shares Outstanding (M)	53.08	53.08	53.08
(=) Excess Retained per Share	167.26	184.86	196.60
LTM Dividend per Share	20.48	20.48	20.48
(+) Excess Retained per Share	167.26	184.86	196.60
(=) Adjusted Dividend	187.74	205.34	217.08
WACC / Discount Rate	13.15%	13.15%	13.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,588.14	$3,287.14	$4,128.10
Upside / Downside	-21.09%	0.22%	25.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,456.00	13,265.64	14,127.91	15,046.22	16,024.22	17,065.80	17,577.77
Payout Ratio	8.73%	24.98%	41.24%	57.49%	73.75%	90.00%	92.50%
Projected Dividends (M)	1,087.00	3,313.94	5,825.79	8,650.18	11,817.12	15,359.22	16,259.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	13.15%	13.15%	13.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,901.23	2,928.73	2,956.23
Year 2 PV (M)	4,465.08	4,550.12	4,635.97
Year 3 PV (M)	5,804.12	5,970.73	6,140.51
Year 4 PV (M)	6,941.61	7,208.56	7,483.14
Year 5 PV (M)	7,898.68	8,280.19	8,676.30
PV of Terminal Value (M)	82,357.01	86,334.88	90,465.00
Equity Value (M)	110,367.72	115,273.22	120,357.15
Shares Outstanding (M)	53.08	53.08	53.08
Fair Value	$2,079.39	$2,171.81	$2,267.60
Upside / Downside	-36.60%	-33.79%	-30.87%

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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%

Financial Statements

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Sector

Konoike Transport Co., Ltd. (9025.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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