DDM Analysis: 7917.T

Valuation Snapshot

Stable Growth	$2,373.18 - $8,137.32	$3,900.76
Multi-Stage	$2,425.95 - $2,661.66	$2,541.59
Blended Fair Value	$3,221.18
Current Price	$940.00
Upside	242.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.57%	5.27%	26.07	21.11	21.37	20.35	17.79	17.28	16.77	16.77	16.77	16.12
YoY Growth	-	-	23.47%	-1.19%	4.99%	14.41%	2.94%	3.03%	0.00%	0.00%	4.06%	3.34%
Dividend Yield	-	-	2.77%	2.00%	2.39%	2.34%	1.75%	1.84%	2.29%	1.84%	1.90%	3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,556.00
(-) Cash Dividends Paid (M)	1,562.00
(=) Cash Retained (M)	4,994.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,311.20	819.50	491.70
Cash Retained (M)	4,994.00	4,994.00	4,994.00
(-) Cash Required (M)	-1,311.20	-819.50	-491.70
(=) Excess Retained (M)	3,682.80	4,174.50	4,502.30
(/) Shares Outstanding (M)	74.89	74.89	74.89
(=) Excess Retained per Share	49.18	55.74	60.12
LTM Dividend per Share	20.86	20.86	20.86
(+) Excess Retained per Share	49.18	55.74	60.12
(=) Adjusted Dividend	70.03	76.60	80.98
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	3.27%	4.27%	5.27%
Fair Value	$2,373.18	$3,900.76	$8,137.32
Upside / Downside	152.47%	314.97%	765.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,556.00	6,835.93	7,127.81	7,432.15	7,749.48	8,080.37	8,322.78
Payout Ratio	23.83%	37.06%	50.30%	63.53%	76.77%	90.00%	92.50%
Projected Dividends (M)	1,562.00	2,533.42	3,584.95	4,721.66	5,948.90	7,272.33	7,698.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	3.27%	4.27%	5.27%
Year 1 PV (M)	2,360.03	2,382.89	2,405.74
Year 2 PV (M)	3,111.03	3,171.57	3,232.70
Year 3 PV (M)	3,817.04	3,929.00	4,043.13
Year 4 PV (M)	4,480.01	4,656.07	4,837.28
Year 5 PV (M)	5,101.84	5,353.68	5,615.38
PV of Terminal Value (M)	162,806.21	170,842.92	179,193.92
Equity Value (M)	181,676.16	190,336.14	199,328.15
Shares Outstanding (M)	74.89	74.89	74.89
Fair Value	$2,425.95	$2,541.59	$2,661.66
Upside / Downside	158.08%	170.38%	183.16%

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ZACROS Corporation (7917.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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