DDM Analysis: 9699.T

Valuation Snapshot

Stable Growth	$14,405.43 - $80,761.28	$26,287.88
Multi-Stage	$10,290.67 - $11,268.33	$10,770.46
Blended Fair Value	$18,529.17
Current Price	$4,290.00
Upside	331.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	111.95	99.92	84.94	76.91	69.93	70.65	52.39	54.84	48.11
YoY Growth	-	-	-100.00%	12.04%	17.63%	10.44%	9.99%	-1.02%	34.85%	-4.46%	14.00%	0.00%
Dividend Yield	-	-	0.00%	2.37%	2.44%	2.73%	2.68%	3.24%	2.27%	1.59%	1.50%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,109.00
(-) Cash Dividends Paid (M)	3,498.00
(=) Cash Retained (M)	8,611.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,421.80	1,513.63	908.18
Cash Retained (M)	8,611.00	8,611.00	8,611.00
(-) Cash Required (M)	-2,421.80	-1,513.63	-908.18
(=) Excess Retained (M)	6,189.20	7,097.38	7,702.83
(/) Shares Outstanding (M)	27.77	27.77	27.77
(=) Excess Retained per Share	222.86	255.56	277.36
LTM Dividend per Share	125.96	125.96	125.96
(+) Excess Retained per Share	222.86	255.56	277.36
(=) Adjusted Dividend	348.82	381.52	403.32
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.58%	5.58%	6.58%
Fair Value	$14,405.43	$26,287.88	$80,761.28
Upside / Downside	235.79%	512.77%	1,782.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,109.00	12,784.21	13,497.06	14,249.67	15,044.24	15,883.12	16,359.62
Payout Ratio	28.89%	41.11%	53.33%	65.56%	77.78%	90.00%	92.50%
Projected Dividends (M)	3,498.00	5,255.60	7,198.33	9,341.38	11,701.04	14,294.81	15,132.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.58%	5.58%	6.58%
Year 1 PV (M)	4,860.33	4,906.81	4,953.28
Year 2 PV (M)	6,156.29	6,274.59	6,394.02
Year 3 PV (M)	7,388.25	7,602.24	7,820.31
Year 4 PV (M)	8,558.53	8,890.61	9,232.27
Year 5 PV (M)	9,669.33	10,140.57	10,630.01
PV of Terminal Value (M)	249,154.74	261,297.36	273,908.85
Equity Value (M)	285,787.47	299,112.18	312,938.74
Shares Outstanding (M)	27.77	27.77	27.77
Fair Value	$10,290.67	$10,770.46	$11,268.33
Upside / Downside	139.88%	151.06%	162.67%

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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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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%
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Nishio Rent All Co., Ltd. (9699.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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