DDM Analysis: 2734.T

Valuation Snapshot

Stable Growth	$2,261.80 - $8,946.52	$3,848.71
Multi-Stage	$2,184.08 - $2,394.44	$2,287.29
Blended Fair Value	$3,068.00
Current Price	$932.00
Upside	229.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.48%	16.06%	26.66	28.70	24.84	20.57	21.53	19.48	19.57	14.83	8.37	6.61
YoY Growth	-	-	-7.11%	15.56%	20.76%	-4.49%	10.56%	-0.48%	31.93%	77.28%	26.65%	9.84%
Dividend Yield	-	-	3.34%	3.61%	3.40%	3.08%	3.67%	3.53%	3.28%	2.16%	1.30%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,995.00
(-) Cash Dividends Paid (M)	1,973.00
(=) Cash Retained (M)	3,022.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	999.00	624.38	374.63
Cash Retained (M)	3,022.00	3,022.00	3,022.00
(-) Cash Required (M)	-999.00	-624.38	-374.63
(=) Excess Retained (M)	2,023.00	2,397.63	2,647.38
(/) Shares Outstanding (M)	64.18	64.18	64.18
(=) Excess Retained per Share	31.52	37.36	41.25
LTM Dividend per Share	30.74	30.74	30.74
(+) Excess Retained per Share	31.52	37.36	41.25
(=) Adjusted Dividend	62.26	68.10	71.99
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$2,261.80	$3,848.71	$8,946.52
Upside / Downside	142.68%	312.95%	859.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,995.00	5,219.56	5,454.21	5,699.41	5,955.64	6,223.38	6,410.08
Payout Ratio	39.50%	49.60%	59.70%	69.80%	79.90%	90.00%	92.50%
Projected Dividends (M)	1,973.00	2,588.88	3,256.15	3,978.18	4,758.55	5,601.04	5,929.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	2,411.13	2,434.43	2,457.72
Year 2 PV (M)	2,824.37	2,879.21	2,934.58
Year 3 PV (M)	3,213.74	3,307.80	3,403.68
Year 4 PV (M)	3,580.22	3,720.61	3,865.09
Year 5 PV (M)	3,924.76	4,118.07	4,318.92
PV of Terminal Value (M)	124,227.65	130,346.34	136,703.79
Equity Value (M)	140,181.87	146,806.46	153,683.79
Shares Outstanding (M)	64.18	64.18	64.18
Fair Value	$2,184.08	$2,287.29	$2,394.44
Upside / Downside	134.34%	145.42%	156.91%

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PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
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ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
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USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
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SALA Corporation (2734.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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