DDM Analysis: 3659.T

Valuation Snapshot

Stable Growth	$5,167.95 - $27,509.27	$10,238.10
Multi-Stage	$2,892.73 - $3,164.61	$3,026.19
Blended Fair Value	$6,632.14
Current Price	$3,247.00
Upside	104.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	8.94%	12.58	10.48	10.73	5.43	5.40	0.00	0.00	0.00	5.32	5.26
YoY Growth	-	-	20.00%	-2.34%	97.82%	0.54%	0.00%	0.00%	-100.00%	-99.98%	1.23%	-1.55%
Dividend Yield	-	-	0.62%	0.42%	0.34%	0.19%	0.15%	0.00%	0.00%	0.00%	0.60%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113,224.00
(-) Cash Dividends Paid (M)	23,979.00
(=) Cash Retained (M)	89,245.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22,644.80	14,153.00	8,491.80
Cash Retained (M)	89,245.00	89,245.00	89,245.00
(-) Cash Required (M)	-22,644.80	-14,153.00	-8,491.80
(=) Excess Retained (M)	66,600.20	75,092.00	80,753.20
(/) Shares Outstanding (M)	818.54	818.54	818.54
(=) Excess Retained per Share	81.36	91.74	98.66
LTM Dividend per Share	29.29	29.29	29.29
(+) Excess Retained per Share	81.36	91.74	98.66
(=) Adjusted Dividend	110.66	121.03	127.95
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,167.95	$10,238.10	$27,509.27
Upside / Downside	59.16%	215.31%	747.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113,224.00	120,583.56	128,421.49	136,768.89	145,658.87	155,126.69	159,780.49
Payout Ratio	21.18%	34.94%	48.71%	62.47%	76.24%	90.00%	92.50%
Projected Dividends (M)	23,979.00	42,135.15	62,550.29	85,441.37	111,044.02	139,614.02	147,796.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38,734.12	39,101.27	39,468.42
Year 2 PV (M)	52,860.06	53,866.89	54,883.23
Year 3 PV (M)	66,376.71	68,282.14	70,223.70
Year 4 PV (M)	79,303.41	82,353.19	85,490.11
Year 5 PV (M)	91,658.95	96,086.11	100,682.71
PV of Terminal Value (M)	2,038,884.36	2,137,363.24	2,239,611.13
Equity Value (M)	2,367,817.60	2,477,052.84	2,590,359.29
Shares Outstanding (M)	818.54	818.54	818.54
Fair Value	$2,892.73	$3,026.19	$3,164.61
Upside / Downside	-10.91%	-6.80%	-2.54%

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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%
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GM	General Motors Company	0.82%	$0.66	21.22%
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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%
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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%
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ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
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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%
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FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
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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%
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NEXON Co., Ltd. (3659.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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