DDM Analysis: 9310.T

Valuation Snapshot

Stable Growth	$7,981.28 - $19,119.82	$17,918.07
Multi-Stage	$2,809.82 - $3,075.03	$2,939.99
Blended Fair Value	$10,429.03
Current Price	$1,093.00
Upside	854.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.33%	9.91%	23.66	12.24	11.25	10.22	10.20	10.20	10.20	10.19	10.69	10.23
YoY Growth	-	-	93.37%	8.77%	10.12%	0.16%	0.00%	0.00%	0.16%	-4.76%	4.51%	11.25%
Dividend Yield	-	-	2.17%	1.18%	1.81%	2.08%	1.90%	2.02%	2.12%	1.89%	2.35%	3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,041.00
(-) Cash Dividends Paid (M)	2,449.00
(=) Cash Retained (M)	3,592.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,208.20	755.13	453.08
Cash Retained (M)	3,592.00	3,592.00	3,592.00
(-) Cash Required (M)	-1,208.20	-755.13	-453.08
(=) Excess Retained (M)	2,383.80	2,836.88	3,138.93
(/) Shares Outstanding (M)	62.84	62.84	62.84
(=) Excess Retained per Share	37.94	45.15	49.95
LTM Dividend per Share	38.97	38.97	38.97
(+) Excess Retained per Share	37.94	45.15	49.95
(=) Adjusted Dividend	76.91	84.12	88.93
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,981.28	$17,918.07	$19,119.82
Upside / Downside	630.22%	1,539.35%	1,649.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,041.00	6,433.67	6,851.85	7,297.22	7,771.54	8,276.69	8,524.99
Payout Ratio	40.54%	50.43%	60.32%	70.22%	80.11%	90.00%	92.50%
Projected Dividends (M)	2,449.00	3,244.61	4,133.30	5,123.81	6,225.62	7,449.02	7,885.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,017.50	3,046.10	3,074.71
Year 2 PV (M)	3,574.93	3,643.02	3,711.76
Year 3 PV (M)	4,121.44	4,239.75	4,360.31
Year 4 PV (M)	4,657.19	4,836.29	5,020.51
Year 5 PV (M)	5,182.34	5,432.65	5,692.54
PV of Terminal Value (M)	156,002.95	163,537.95	171,361.33
Equity Value (M)	176,556.35	184,735.77	193,221.15
Shares Outstanding (M)	62.84	62.84	62.84
Fair Value	$2,809.82	$2,939.99	$3,075.03
Upside / Downside	157.07%	168.98%	181.34%

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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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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%
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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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AR	Antero Resources Corporation	0.88%	$0.30	17.15%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
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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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Japan Transcity Corporation (9310.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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