DDM Analysis: 6183.T

Valuation Snapshot

Stable Growth	$1,507.88 - $2,688.81	$2,005.21
Multi-Stage	$2,649.44 - $2,909.44	$2,776.95
Blended Fair Value	$2,391.08
Current Price	$1,247.00
Upside	91.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.01%	0.00%	59.78	59.77	59.80	44.81	41.83	38.84	35.87	35.82	35.40	0.00
YoY Growth	-	-	0.02%	-0.05%	33.43%	7.12%	7.71%	8.27%	0.15%	1.19%	0.00%	0.00%
Dividend Yield	-	-	4.79%	3.71%	4.33%	3.13%	2.56%	2.86%	2.29%	1.92%	3.35%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,172.00
(-) Cash Dividends Paid (M)	4,414.00
(=) Cash Retained (M)	3,758.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,634.40	1,021.50	612.90
Cash Retained (M)	3,758.00	3,758.00	3,758.00
(-) Cash Required (M)	-1,634.40	-1,021.50	-612.90
(=) Excess Retained (M)	2,123.60	2,736.50	3,145.10
(/) Shares Outstanding (M)	73.82	73.82	73.82
(=) Excess Retained per Share	28.77	37.07	42.61
LTM Dividend per Share	59.80	59.80	59.80
(+) Excess Retained per Share	28.77	37.07	42.61
(=) Adjusted Dividend	88.56	96.87	102.40
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	0.54%	1.54%	2.54%
Fair Value	$1,507.88	$2,005.21	$2,688.81
Upside / Downside	20.92%	60.80%	115.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,172.00	8,298.08	8,426.10	8,556.10	8,688.10	8,822.14	9,086.81
Payout Ratio	54.01%	61.21%	68.41%	75.61%	82.80%	90.00%	92.50%
Projected Dividends (M)	4,414.00	5,079.33	5,764.15	6,468.88	7,193.99	7,939.93	8,405.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	0.54%	1.54%	2.54%
Year 1 PV (M)	4,724.66	4,771.65	4,818.64
Year 2 PV (M)	4,987.27	5,086.97	5,187.65
Year 3 PV (M)	5,206.20	5,363.09	5,523.10
Year 4 PV (M)	5,385.48	5,602.96	5,826.95
Year 5 PV (M)	5,528.86	5,809.33	6,101.08
PV of Terminal Value (M)	169,741.58	178,352.43	187,309.24
Equity Value (M)	195,574.04	204,986.42	214,766.67
Shares Outstanding (M)	73.82	73.82	73.82
Fair Value	$2,649.44	$2,776.95	$2,909.44
Upside / Downside	112.46%	122.69%	133.32%

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BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
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ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
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BELLSYSTEM24 Holdings, Inc. (6183.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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