DDM Analysis: 9201.T

Valuation Snapshot

Stable Growth	$3,920.47 - $6,990.80	$5,213.42
Multi-Stage	$5,770.32 - $6,334.81	$6,047.19
Blended Fair Value	$5,630.30
Current Price	$2,983.00
Upside	88.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-0.58%	2.49%	84.89	54.80	0.00	0.02	0.07	87.37	90.13	118.53	99.59	86.34
YoY Growth	-	-	54.91%	1,196,100.00%	-71.43%	-77.42%	-99.92%	-3.05%	-23.97%	19.02%	15.35%	30.03%
Dividend Yield	-	-	2.89%	2.15%	0.00%	0.00%	0.00%	4.50%	2.57%	3.02%	2.87%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124,807.00
(-) Cash Dividends Paid (M)	37,500.00
(=) Cash Retained (M)	87,307.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24,961.40	15,600.88	9,360.53
Cash Retained (M)	87,307.00	87,307.00	87,307.00
(-) Cash Required (M)	-24,961.40	-15,600.88	-9,360.53
(=) Excess Retained (M)	62,345.60	71,706.13	77,946.48
(/) Shares Outstanding (M)	436.58	436.58	436.58
(=) Excess Retained per Share	142.80	164.24	178.54
LTM Dividend per Share	85.89	85.89	85.89
(+) Excess Retained per Share	142.80	164.24	178.54
(=) Adjusted Dividend	228.70	250.14	264.43
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.21%	2.21%	3.21%
Fair Value	$3,920.47	$5,213.42	$6,990.80
Upside / Downside	31.43%	74.77%	134.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124,807.00	127,563.35	130,380.58	133,260.02	136,203.06	139,211.10	143,387.43
Payout Ratio	30.05%	42.04%	54.03%	66.02%	78.01%	90.00%	92.50%
Projected Dividends (M)	37,500.00	53,623.95	70,441.80	87,976.34	106,251.03	125,289.99	132,633.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.21%	2.21%	3.21%
Year 1 PV (M)	49,573.42	50,063.24	50,553.05
Year 2 PV (M)	60,201.96	61,397.50	62,604.79
Year 3 PV (M)	69,508.22	71,588.99	73,710.88
Year 4 PV (M)	77,605.67	80,718.59	83,924.23
Year 5 PV (M)	84,599.30	88,862.17	93,295.17
PV of Terminal Value (M)	2,177,730.77	2,287,464.28	2,401,577.36
Equity Value (M)	2,519,219.34	2,640,094.77	2,765,665.49
Shares Outstanding (M)	436.58	436.58	436.58
Fair Value	$5,770.32	$6,047.19	$6,334.81
Upside / Downside	93.44%	102.72%	112.36%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 25 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Ticker

Industry

Sector

Japan Airlines Co., Ltd. (9201.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener