DDM Analysis: 2811.T

Valuation Snapshot

Stable Growth	$7,821.81 - $28,346.43	$24,696.43
Multi-Stage	$4,317.67 - $4,729.04	$4,519.55
Blended Fair Value	$14,607.99
Current Price	$2,870.50
Upside	408.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.11%	4.94%	37.78	35.04	35.05	34.42	33.28	37.99	28.53	23.31	23.39	17.60
YoY Growth	-	-	7.81%	-0.03%	1.83%	3.44%	-12.41%	33.17%	22.39%	-0.32%	32.87%	-24.53%
Dividend Yield	-	-	1.29%	0.96%	1.13%	1.10%	0.95%	1.35%	0.91%	0.62%	0.81%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,420.00
(-) Cash Dividends Paid (M)	5,277.00
(=) Cash Retained (M)	8,143.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,684.00	1,677.50	1,006.50
Cash Retained (M)	8,143.00	8,143.00	8,143.00
(-) Cash Required (M)	-2,684.00	-1,677.50	-1,006.50
(=) Excess Retained (M)	5,459.00	6,465.50	7,136.50
(/) Shares Outstanding (M)	93.52	93.52	93.52
(=) Excess Retained per Share	58.38	69.14	76.31
LTM Dividend per Share	56.43	56.43	56.43
(+) Excess Retained per Share	58.38	69.14	76.31
(=) Adjusted Dividend	114.80	125.57	132.74
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	4.77%	5.77%	6.77%
Fair Value	$7,821.81	$24,696.43	$28,346.43
Upside / Downside	172.49%	760.35%	887.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,420.00	14,194.60	15,013.91	15,880.52	16,797.14	17,766.67	18,299.67
Payout Ratio	39.32%	49.46%	59.59%	69.73%	79.86%	90.00%	92.50%
Projected Dividends (M)	5,277.00	7,020.30	8,947.26	11,073.29	13,414.93	15,990.00	16,927.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	4.77%	5.77%	6.77%
Year 1 PV (M)	6,541.19	6,603.62	6,666.06
Year 2 PV (M)	7,767.71	7,916.69	8,067.09
Year 3 PV (M)	8,957.37	9,216.30	9,480.19
Year 4 PV (M)	10,110.99	10,502.57	10,905.41
Year 5 PV (M)	11,229.36	11,775.58	12,342.85
PV of Terminal Value (M)	359,162.47	376,633.00	394,776.84
Equity Value (M)	403,769.08	422,647.76	442,238.45
Shares Outstanding (M)	93.52	93.52	93.52
Fair Value	$4,317.67	$4,519.55	$4,729.04
Upside / Downside	50.42%	57.45%	64.75%

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AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
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TILE	Interface, Inc.	0.18%	$0.05	2.63%
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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%
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CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
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Kagome Co., Ltd. (2811.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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