DDM Analysis: 7537.T

Valuation Snapshot

Stable Growth	$10,790.12 - $23,677.86	$22,189.62
Multi-Stage	$3,604.56 - $3,943.18	$3,770.77
Blended Fair Value	$12,980.20
Current Price	$1,226.00
Upside	958.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.65%	10.05%	51.96	84.86	39.85	17.92	27.93	29.96	29.96	24.95	27.93	24.95
YoY Growth	-	-	-38.77%	112.94%	122.39%	-35.84%	-6.76%	0.00%	20.06%	-10.67%	11.94%	25.10%
Dividend Yield	-	-	5.03%	6.84%	3.04%	2.47%	4.43%	5.14%	5.22%	3.00%	3.55%	4.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,116.00
(-) Cash Dividends Paid (M)	1,725.00
(=) Cash Retained (M)	1,391.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	623.20	389.50	233.70
Cash Retained (M)	1,391.00	1,391.00	1,391.00
(-) Cash Required (M)	-623.20	-389.50	-233.70
(=) Excess Retained (M)	767.80	1,001.50	1,157.30
(/) Shares Outstanding (M)	26.17	26.17	26.17
(=) Excess Retained per Share	29.34	38.27	44.22
LTM Dividend per Share	65.91	65.91	65.91
(+) Excess Retained per Share	29.34	38.27	44.22
(=) Adjusted Dividend	95.25	104.18	110.13
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,790.12	$22,189.62	$23,677.86
Upside / Downside	780.11%	1,709.92%	1,831.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,116.00	3,318.54	3,534.25	3,763.97	4,008.63	4,269.19	4,397.27
Payout Ratio	55.36%	62.29%	69.22%	76.14%	83.07%	90.00%	92.50%
Projected Dividends (M)	1,725.00	2,067.04	2,446.25	2,866.03	3,330.04	3,842.27	4,067.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,923.90	1,942.13	1,960.37
Year 2 PV (M)	2,119.18	2,159.55	2,200.29
Year 3 PV (M)	2,310.90	2,377.24	2,444.83
Year 4 PV (M)	2,499.10	2,595.21	2,694.07
Year 5 PV (M)	2,683.84	2,813.47	2,948.06
PV of Terminal Value (M)	82,801.22	86,800.55	90,952.94
Equity Value (M)	94,338.14	98,688.15	103,200.56
Shares Outstanding (M)	26.17	26.17	26.17
Fair Value	$3,604.56	$3,770.77	$3,943.18
Upside / Downside	194.01%	207.57%	221.63%

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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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Marubun Corporation (7537.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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