DDM Analysis: 3150.T

Valuation Snapshot

Stable Growth	$4,402.76 - $10,884.98	$6,584.51
Multi-Stage	$3,017.33 - $3,299.34	$3,155.77
Blended Fair Value	$4,870.14
Current Price	$2,374.00
Upside	105.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	44.35%	37.11%	51.96	31.84	18.71	16.73	14.17	8.29	6.30	6.69	2.49	2.47
YoY Growth	-	-	63.20%	70.16%	11.84%	18.06%	70.93%	31.67%	-5.91%	168.44%	0.79%	11.72%
Dividend Yield	-	-	2.19%	1.26%	0.63%	1.12%	0.74%	0.56%	0.67%	0.70%	1.01%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,606.72
(-) Cash Dividends Paid (M)	369.48
(=) Cash Retained (M)	4,237.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	921.34	575.84	345.50
Cash Retained (M)	4,237.24	4,237.24	4,237.24
(-) Cash Required (M)	-921.34	-575.84	-345.50
(=) Excess Retained (M)	3,315.89	3,661.40	3,891.73
(/) Shares Outstanding (M)	23.11	23.11	23.11
(=) Excess Retained per Share	143.46	158.41	168.38
LTM Dividend per Share	15.99	15.99	15.99
(+) Excess Retained per Share	143.46	158.41	168.38
(=) Adjusted Dividend	159.45	174.40	184.36
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,402.76	$6,584.51	$10,884.98
Upside / Downside	85.46%	177.36%	358.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,606.72	4,906.15	5,225.05	5,564.68	5,926.39	6,311.60	6,500.95
Payout Ratio	8.02%	24.42%	40.81%	57.21%	73.60%	90.00%	92.50%
Projected Dividends (M)	369.48	1,197.90	2,132.46	3,183.45	4,362.06	5,680.44	6,013.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,085.48	1,095.77	1,106.06
Year 2 PV (M)	1,750.98	1,784.33	1,818.00
Year 3 PV (M)	2,368.64	2,436.63	2,505.92
Year 4 PV (M)	2,940.98	3,054.08	3,170.42
Year 5 PV (M)	3,470.43	3,638.05	3,812.09
PV of Terminal Value (M)	58,123.09	60,930.45	63,845.26
Equity Value (M)	69,739.59	72,939.32	76,257.74
Shares Outstanding (M)	23.11	23.11	23.11
Fair Value	$3,017.33	$3,155.77	$3,299.34
Upside / Downside	27.10%	32.93%	38.98%

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gremz,Inc. (3150.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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