DDM Analysis: 4912.T

Valuation Snapshot

Stable Growth	$893.30 - $1,486.98	$1,155.15
Multi-Stage	$1,174.24 - $1,286.67	$1,229.40
Blended Fair Value	$1,192.27
Current Price	$1,490.00
Upside	-19.98%
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	8.37%	8.37%	8.37%
Growth Rate	1.51%	2.51%	3.51%
Fair Value	$893.30	$1,155.15	$1,486.98
Upside / Downside	-40.05%	-22.47%	-0.20%

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	8.37%	8.37%	8.37%
Growth Rate	1.51%	2.51%	3.51%
Year 1 PV (M)	9,147.05	9,237.16	9,327.27
Year 2 PV (M)	10,547.76	10,756.60	10,967.49
Year 3 PV (M)	11,734.60	12,084.83	12,441.96
Year 4 PV (M)	12,729.04	13,238.09	13,762.25
Year 5 PV (M)	13,550.66	14,231.40	14,939.22
PV of Terminal Value (M)	267,308.57	280,737.17	294,700.11
Equity Value (M)	325,017.69	340,285.25	356,138.30
Shares Outstanding (M)	276.79	276.79	276.79
Fair Value	$1,174.24	$1,229.40	$1,286.67
Upside / Downside	-21.19%	-17.49%	-13.65%

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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%
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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%
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%
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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%
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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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