DDM Analysis: 6238.T

Valuation Snapshot

Stable Growth	$2,491.89 - $13,773.21	$4,797.14
Multi-Stage	$1,821.40 - $1,995.61	$1,906.88
Blended Fair Value	$3,352.01
Current Price	$1,103.00
Upside	203.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.97%	16.71%	38.94	37.94	53.73	37.20	41.33	32.06	32.06	32.06	26.71	8.71
YoY Growth	-	-	2.63%	-29.38%	44.44%	-10.00%	28.93%	0.00%	0.00%	20.00%	206.72%	4.91%
Dividend Yield	-	-	3.85%	3.61%	4.08%	3.30%	2.94%	3.10%	2.77%	3.37%	1.97%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,853.51
(-) Cash Dividends Paid (M)	515.42
(=) Cash Retained (M)	1,338.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	370.70	231.69	139.01
Cash Retained (M)	1,338.09	1,338.09	1,338.09
(-) Cash Required (M)	-370.70	-231.69	-139.01
(=) Excess Retained (M)	967.38	1,106.40	1,199.07
(/) Shares Outstanding (M)	26.48	26.48	26.48
(=) Excess Retained per Share	36.53	41.78	45.28
LTM Dividend per Share	19.46	19.46	19.46
(+) Excess Retained per Share	36.53	41.78	45.28
(=) Adjusted Dividend	56.00	61.25	64.75
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.36%	5.36%	6.36%
Fair Value	$2,491.89	$4,797.14	$13,773.21
Upside / Downside	125.92%	334.92%	1,148.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,853.51	1,952.88	2,057.59	2,167.91	2,284.15	2,406.62	2,478.82
Payout Ratio	27.81%	40.25%	52.68%	65.12%	77.56%	90.00%	92.50%
Projected Dividends (M)	515.42	785.96	1,084.04	1,411.81	1,771.62	2,165.96	2,292.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.36%	5.36%	6.36%
Year 1 PV (M)	729.57	736.56	743.55
Year 2 PV (M)	934.06	952.05	970.21
Year 3 PV (M)	1,129.21	1,161.98	1,195.38
Year 4 PV (M)	1,315.33	1,366.47	1,419.10
Year 5 PV (M)	1,492.72	1,565.63	1,641.35
PV of Terminal Value (M)	42,629.43	44,711.34	46,873.80
Equity Value (M)	48,230.34	50,494.04	52,843.39
Shares Outstanding (M)	26.48	26.48	26.48
Fair Value	$1,821.40	$1,906.88	$1,995.61
Upside / Downside	65.13%	72.88%	80.93%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
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%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
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%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
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%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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FURYU Corporation (6238.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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