DDM Analysis: 6532.T

Valuation Snapshot

Stable Growth	$2,918.29 - $4,918.14	$3,792.77
Multi-Stage	$2,371.19 - $2,583.57	$2,475.49
Blended Fair Value	$3,134.13
Current Price	$8,399.00
Upside	-62.68%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	52.85%	0.00%	50.13	41.28	31.28	20.67	11.57	6.01	6.52	3.04	0.00	1.99
YoY Growth	-	-	21.44%	31.98%	51.32%	78.67%	92.55%	-7.87%	114.65%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.65%	1.29%	0.61%	0.51%	0.35%	0.77%	1.79%	0.72%	0.00%	1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,926.00
(-) Cash Dividends Paid (M)	9,428.00
(=) Cash Retained (M)	25,498.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,985.20	4,365.75	2,619.45
Cash Retained (M)	25,498.00	25,498.00	25,498.00
(-) Cash Required (M)	-6,985.20	-4,365.75	-2,619.45
(=) Excess Retained (M)	18,512.80	21,132.25	22,878.55
(/) Shares Outstanding (M)	151.97	151.97	151.97
(=) Excess Retained per Share	121.82	139.05	150.54
LTM Dividend per Share	62.04	62.04	62.04
(+) Excess Retained per Share	121.82	139.05	150.54
(=) Adjusted Dividend	183.85	201.09	212.58
WACC / Discount Rate	12.15%	12.15%	12.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,918.29	$3,792.77	$4,918.14
Upside / Downside	-65.25%	-54.84%	-41.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,926.00	37,196.19	39,613.94	42,188.85	44,931.12	47,851.65	49,287.20
Payout Ratio	26.99%	39.60%	52.20%	64.80%	77.40%	90.00%	92.50%
Projected Dividends (M)	9,428.00	14,727.97	20,677.10	27,337.40	34,776.17	43,066.48	45,590.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.15%	12.15%	12.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,009.47	13,132.78	13,256.10
Year 2 PV (M)	16,133.30	16,440.59	16,750.79
Year 3 PV (M)	18,841.15	19,382.01	19,933.13
Year 4 PV (M)	21,171.36	21,985.55	22,823.00
Year 5 PV (M)	23,159.18	24,277.78	25,439.19
PV of Terminal Value (M)	268,040.35	280,986.80	294,428.74
Equity Value (M)	360,354.82	376,205.53	392,630.95
Shares Outstanding (M)	151.97	151.97	151.97
Fair Value	$2,371.19	$2,475.49	$2,583.57
Upside / Downside	-71.77%	-70.53%	-69.24%

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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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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%
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BayCurrent Consulting, Inc. (6532.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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