DDM Analysis: 8914.T

Valuation Snapshot

Stable Growth	$6,450.68 - $14,056.95	$13,173.42
Multi-Stage	$2,129.48 - $2,330.37	$2,228.08
Blended Fair Value	$7,700.75
Current Price	$1,211.00
Upside	535.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.41%	17.01%	28.95	17.20	11.72	7.70	9.93	11.43	9.66	9.45	9.40	8.68
YoY Growth	-	-	68.26%	46.81%	52.15%	-22.45%	-13.14%	18.41%	2.16%	0.57%	8.29%	44.22%
Dividend Yield	-	-	2.96%	2.60%	1.99%	1.15%	1.71%	3.26%	2.05%	0.55%	1.27%	1.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,589.34
(-) Cash Dividends Paid (M)	1,609.13
(=) Cash Retained (M)	1,980.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	717.87	448.67	269.20
Cash Retained (M)	1,980.21	1,980.21	1,980.21
(-) Cash Required (M)	-717.87	-448.67	-269.20
(=) Excess Retained (M)	1,262.34	1,531.54	1,711.00
(/) Shares Outstanding (M)	50.78	50.78	50.78
(=) Excess Retained per Share	24.86	30.16	33.69
LTM Dividend per Share	31.69	31.69	31.69
(+) Excess Retained per Share	24.86	30.16	33.69
(=) Adjusted Dividend	56.55	61.85	65.38
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,450.68	$13,173.42	$14,056.95
Upside / Downside	432.67%	987.81%	1,060.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,589.34	3,822.64	4,071.11	4,335.74	4,617.56	4,917.70	5,065.23
Payout Ratio	44.83%	53.86%	62.90%	71.93%	80.97%	90.00%	92.50%
Projected Dividends (M)	1,609.13	2,059.05	2,560.67	3,118.80	3,738.66	4,425.93	4,685.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,916.58	1,934.75	1,952.92
Year 2 PV (M)	2,218.57	2,260.83	2,303.49
Year 3 PV (M)	2,515.17	2,587.37	2,660.94
Year 4 PV (M)	2,806.44	2,914.37	3,025.38
Year 5 PV (M)	3,092.46	3,241.83	3,396.91
PV of Terminal Value (M)	95,588.53	100,205.49	104,999.16
Equity Value (M)	108,137.76	113,144.65	118,338.80
Shares Outstanding (M)	50.78	50.78	50.78
Fair Value	$2,129.48	$2,228.08	$2,330.37
Upside / Downside	75.85%	83.99%	92.43%

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Arealink Co., Ltd. (8914.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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