DDM Analysis: 4912.T

Valuation Snapshot

Stable Growth	$1,245.62 - $2,475.54	$1,727.05
Multi-Stage	$1,876.06 - $2,060.10	$1,966.32
Blended Fair Value	$1,846.69
Current Price	$1,490.00
Upside	23.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.64%	10.49%	26.33	26.68	24.91	25.20	23.09	20.99	20.98	15.73	10.44	9.61
YoY Growth	-	-	-1.30%	7.11%	-1.13%	9.12%	10.02%	0.02%	33.36%	50.74%	8.61%	-1.04%
Dividend Yield	-	-	1.49%	1.94%	1.74%	1.85%	1.07%	0.91%	0.90%	0.73%	0.52%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,876.00
(-) Cash Dividends Paid (M)	7,509.00
(=) Cash Retained (M)	13,367.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,175.20	2,609.50	1,565.70
Cash Retained (M)	13,367.00	13,367.00	13,367.00
(-) Cash Required (M)	-4,175.20	-2,609.50	-1,565.70
(=) Excess Retained (M)	9,191.80	10,757.50	11,801.30
(/) Shares Outstanding (M)	276.79	276.79	276.79
(=) Excess Retained per Share	33.21	38.87	42.64
LTM Dividend per Share	27.13	27.13	27.13
(+) Excess Retained per Share	33.21	38.87	42.64
(=) Adjusted Dividend	60.34	65.99	69.77
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	1.51%	2.51%	3.51%
Fair Value	$1,245.62	$1,727.05	$2,475.54
Upside / Downside	-16.40%	15.91%	66.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,876.00	21,399.99	21,937.13	22,487.75	23,052.19	23,630.80	24,339.73
Payout Ratio	35.97%	46.78%	57.58%	68.39%	79.19%	90.00%	92.50%
Projected Dividends (M)	7,509.00	10,009.98	12,631.78	15,378.88	18,255.93	21,267.72	22,514.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	1.51%	2.51%	3.51%
Year 1 PV (M)	9,313.73	9,405.48	9,497.23
Year 2 PV (M)	10,935.66	11,152.18	11,370.83
Year 3 PV (M)	12,387.85	12,757.57	13,134.58
Year 4 PV (M)	13,682.50	14,229.68	14,793.11
Year 5 PV (M)	14,831.08	15,576.14	16,350.84
PV of Terminal Value (M)	458,123.30	481,137.72	505,067.92
Equity Value (M)	519,274.12	544,258.78	570,214.51
Shares Outstanding (M)	276.79	276.79	276.79
Fair Value	$1,876.06	$1,966.32	$2,060.10
Upside / Downside	25.91%	31.97%	38.26%

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Lion Corporation (4912.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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