DDM Analysis: 2763.T

Valuation Snapshot

Stable Growth	$1,565.22 - $2,378.82	$1,947.21
Multi-Stage	$3,301.21 - $3,634.92	$3,464.78
Blended Fair Value	$2,706.00
Current Price	$1,233.00
Upside	119.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-2.67%	9.06%	55.81	55.98	56.99	65.41	66.39	63.90	52.02	44.68	32.13	27.22
YoY Growth	-	-	-0.30%	-1.77%	-12.88%	-1.47%	3.89%	22.84%	16.44%	39.04%	18.04%	16.05%
Dividend Yield	-	-	4.80%	4.84%	5.28%	7.25%	5.03%	4.94%	3.41%	3.36%	3.39%	3.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,324.00
(-) Cash Dividends Paid (M)	1,644.00
(=) Cash Retained (M)	3,680.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,064.80	665.50	399.30
Cash Retained (M)	3,680.00	3,680.00	3,680.00
(-) Cash Required (M)	-1,064.80	-665.50	-399.30
(=) Excess Retained (M)	2,615.20	3,014.50	3,280.70
(/) Shares Outstanding (M)	29.79	29.79	29.79
(=) Excess Retained per Share	87.77	101.17	110.11
LTM Dividend per Share	55.18	55.18	55.18
(+) Excess Retained per Share	87.77	101.17	110.11
(=) Adjusted Dividend	142.95	156.35	165.29
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.09%	-1.09%	-0.09%
Fair Value	$1,565.22	$1,947.21	$2,378.82
Upside / Downside	26.94%	57.92%	92.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,324.00	5,265.91	5,208.45	5,151.62	5,095.41	5,039.81	5,191.01
Payout Ratio	30.88%	42.70%	54.53%	66.35%	78.18%	90.00%	92.50%
Projected Dividends (M)	1,644.00	2,248.71	2,840.03	3,418.18	3,983.38	4,535.83	4,801.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.09%	-1.09%	-0.09%
Year 1 PV (M)	2,083.26	2,104.54	2,125.81
Year 2 PV (M)	2,437.48	2,487.53	2,538.08
Year 3 PV (M)	2,717.83	2,801.96	2,887.81
Year 4 PV (M)	2,934.18	3,055.91	3,181.38
Year 5 PV (M)	3,095.29	3,256.63	3,424.62
PV of Terminal Value (M)	85,091.30	89,526.41	94,144.55
Equity Value (M)	98,359.35	103,232.97	108,302.25
Shares Outstanding (M)	29.79	29.79	29.79
Fair Value	$3,301.21	$3,464.78	$3,634.92
Upside / Downside	167.74%	181.00%	194.80%

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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%
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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%
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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%
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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%
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FTGroup Co., Ltd. (2763.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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