DDM Analysis: 2767.T

Valuation Snapshot

Stable Growth	$7,071.00 - $20,052.24	$11,031.38
Multi-Stage	$4,622.71 - $5,058.49	$4,836.61
Blended Fair Value	$7,933.99
Current Price	$2,264.00
Upside	250.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	51.19%	4.66%	41.90	31.39	10.34	5.16	5.30	5.30	2.71	26.58	26.58	31.89
YoY Growth	-	-	33.49%	203.72%	100.31%	-2.72%	0.00%	95.86%	-89.81%	0.00%	-16.63%	20.02%
Dividend Yield	-	-	2.02%	1.83%	0.35%	1.14%	2.20%	3.19%	1.05%	5.08%	4.41%	5.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,888.00
(-) Cash Dividends Paid (M)	61.00
(=) Cash Retained (M)	17,827.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,577.60	2,236.00	1,341.60
Cash Retained (M)	17,827.00	17,827.00	17,827.00
(-) Cash Required (M)	-3,577.60	-2,236.00	-1,341.60
(=) Excess Retained (M)	14,249.40	15,591.00	16,485.40
(/) Shares Outstanding (M)	62.40	62.40	62.40
(=) Excess Retained per Share	228.34	249.84	264.17
LTM Dividend per Share	0.98	0.98	0.98
(+) Excess Retained per Share	228.34	249.84	264.17
(=) Adjusted Dividend	229.32	250.82	265.15
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,071.00	$11,031.38	$20,052.24
Upside / Downside	212.32%	387.25%	785.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,888.00	19,050.72	20,289.02	21,607.80	23,012.31	24,508.11	25,243.35
Payout Ratio	0.34%	18.27%	36.20%	54.14%	72.07%	90.00%	92.50%
Projected Dividends (M)	61.00	3,481.10	7,345.56	11,697.69	16,584.56	22,057.30	23,350.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,165.96	3,195.97	3,225.98
Year 2 PV (M)	6,075.80	6,191.53	6,308.35
Year 3 PV (M)	8,799.70	9,052.31	9,309.71
Year 4 PV (M)	11,346.48	11,782.84	12,231.66
Year 5 PV (M)	13,724.58	14,387.48	15,075.75
PV of Terminal Value (M)	245,361.00	257,212.03	269,516.62
Equity Value (M)	288,473.53	301,822.16	315,668.07
Shares Outstanding (M)	62.40	62.40	62.40
Fair Value	$4,622.71	$4,836.61	$5,058.49
Upside / Downside	104.18%	113.63%	123.43%

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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%
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%
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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%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Fields Corporation (2767.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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