DDM Analysis: 9422.T

Valuation Snapshot

Stable Growth	$1,314.29 - $2,573.58	$1,812.16
Multi-Stage	$1,682.12 - $1,844.96	$1,762.01
Blended Fair Value	$1,787.08
Current Price	$1,908.00
Upside	-6.34%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	6.32%	10.22%	70.01	60.02	60.02	65.02	59.99	51.52	44.48	33.73	32.25	26.47
YoY Growth	-	-	16.65%	0.00%	-7.70%	8.38%	16.44%	15.83%	31.88%	4.57%	21.88%	0.00%
Dividend Yield	-	-	5.27%	4.00%	4.22%	4.58%	3.11%	2.67%	3.47%	2.54%	3.64%	2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,616.00
(-) Cash Dividends Paid (M)	1,179.00
(=) Cash Retained (M)	2,437.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	723.20	452.00	271.20
Cash Retained (M)	2,437.00	2,437.00	2,437.00
(-) Cash Required (M)	-723.20	-452.00	-271.20
(=) Excess Retained (M)	1,713.80	1,985.00	2,165.80
(/) Shares Outstanding (M)	44.74	44.74	44.74
(=) Excess Retained per Share	38.31	44.37	48.41
LTM Dividend per Share	26.35	26.35	26.35
(+) Excess Retained per Share	38.31	44.37	48.41
(=) Adjusted Dividend	64.66	70.72	74.76
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	2.15%	3.15%	4.15%
Fair Value	$1,314.29	$1,812.16	$2,573.58
Upside / Downside	-31.12%	-5.02%	34.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,616.00	3,729.87	3,847.32	3,968.48	4,093.45	4,222.35	4,349.02
Payout Ratio	32.61%	44.08%	55.56%	67.04%	78.52%	90.00%	92.50%
Projected Dividends (M)	1,179.00	1,644.28	2,137.69	2,660.55	3,214.21	3,800.11	4,022.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	2.15%	3.15%	4.15%
Year 1 PV (M)	1,519.33	1,534.20	1,549.08
Year 2 PV (M)	1,825.15	1,861.06	1,897.32
Year 3 PV (M)	2,098.95	2,161.20	2,224.67
Year 4 PV (M)	2,343.06	2,436.17	2,532.02
Year 5 PV (M)	2,559.66	2,687.43	2,820.25
PV of Terminal Value (M)	64,908.19	68,148.14	71,516.19
Equity Value (M)	75,254.34	78,828.19	82,539.52
Shares Outstanding (M)	44.74	44.74	44.74
Fair Value	$1,682.12	$1,762.01	$1,844.96
Upside / Downside	-11.84%	-7.65%	-3.30%

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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%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
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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Conexio Corporation (9422.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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