DDM Analysis: 3673.T

Valuation Snapshot

Stable Growth	$37.02 - $48.25	$42.94
Multi-Stage	$83.10 - $92.03	$87.47
Blended Fair Value	$65.20
Current Price	$735.00
Upside	-91.13%
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	-39.93%	-19.58%	0.97	0.96	4.50	10.11	12.46	12.34	10.51	11.41	7.83	6.25
YoY Growth	-	-	0.47%	-78.63%	-55.53%	-18.87%	0.93%	17.43%	-7.83%	45.70%	25.22%	-26.71%
Dividend Yield	-	-	0.14%	0.19%	1.10%	2.74%	2.29%	2.63%	1.81%	2.16%	2.05%	1.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,054.97
(-) Cash Dividends Paid (M)	404.90
(=) Cash Retained (M)	650.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	210.99	131.87	79.12
Cash Retained (M)	650.08	650.08	650.08
(-) Cash Required (M)	-210.99	-131.87	-79.12
(=) Excess Retained (M)	439.08	518.20	570.95
(/) Shares Outstanding (M)	92.00	92.00	92.00
(=) Excess Retained per Share	4.77	5.63	6.21
LTM Dividend per Share	4.40	4.40	4.40
(+) Excess Retained per Share	4.77	5.63	6.21
(=) Adjusted Dividend	9.17	10.03	10.61
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	-12.86%	-11.86%	-10.86%
Fair Value	$37.02	$42.94	$48.25
Upside / Downside	-94.96%	-94.16%	-93.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,054.97	929.83	819.53	722.32	636.64	561.12	577.95
Payout Ratio	38.38%	48.70%	59.03%	69.35%	79.68%	90.00%	92.50%
Projected Dividends (M)	404.90	452.86	483.75	500.94	507.25	505.01	534.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	-12.86%	-11.86%	-10.86%
Year 1 PV (M)	411.77	416.49	421.22
Year 2 PV (M)	399.94	409.17	418.51
Year 3 PV (M)	376.57	389.68	403.10
Year 4 PV (M)	346.71	362.90	379.65
Year 5 PV (M)	313.85	332.28	351.56
PV of Terminal Value (M)	5,796.16	6,136.47	6,492.57
Equity Value (M)	7,645.00	8,047.00	8,466.62
Shares Outstanding (M)	92.00	92.00	92.00
Fair Value	$83.10	$87.47	$92.03
Upside / Downside	-88.69%	-88.10%	-87.48%

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AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
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TILE	Interface, Inc.	0.18%	$0.05	2.63%
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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%
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STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
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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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Broadleaf Co., Ltd. (3673.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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