DDM Analysis: 3283.T

Valuation Snapshot

Stable Growth	$935,288.02 - $2,484,446.46	$2,328,290.17
Multi-Stage	$356,553.25 - $389,992.64	$372,966.85
Blended Fair Value	$1,350,628.51
Current Price	$77,000.00
Upside	1,654.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	6,897.12	6,319.63	6,113.60	5,789.64	5,246.80	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	9.14%	3.37%	5.60%	10.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.76%	6.76%	5.43%	4.70%	4.81%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	52,856.30
(-) Cash Dividends Paid (M)	28,015.49
(=) Cash Retained (M)	24,840.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,571.26	6,607.04	3,964.22
Cash Retained (M)	24,840.81	24,840.81	24,840.81
(-) Cash Required (M)	-10,571.26	-6,607.04	-3,964.22
(=) Excess Retained (M)	14,269.55	18,233.77	20,876.59
(/) Shares Outstanding (M)	4.23	4.23	4.23
(=) Excess Retained per Share	3,372.59	4,309.52	4,934.15
LTM Dividend per Share	6,621.42	6,621.42	6,621.42
(+) Excess Retained per Share	3,372.59	4,309.52	4,934.15
(=) Adjusted Dividend	9,994.00	10,930.94	11,555.56
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$935,288.02	$2,328,290.17	$2,484,446.46
Upside / Downside	1,114.66%	2,923.75%	3,126.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52,856.30	56,291.96	59,950.93	63,847.74	67,997.85	72,417.71	74,590.24
Payout Ratio	53.00%	60.40%	67.80%	75.20%	82.60%	90.00%	92.50%
Projected Dividends (M)	28,015.49	34,001.75	40,647.86	48,014.30	56,166.65	65,175.94	68,995.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31,588.98	31,888.40	32,187.82
Year 2 PV (M)	35,083.78	35,752.03	36,426.58
Year 3 PV (M)	38,501.15	39,606.38	40,732.56
Year 4 PV (M)	41,842.34	43,451.48	45,106.59
Year 5 PV (M)	45,108.58	47,287.34	49,549.48
PV of Terminal Value (M)	1,316,466.77	1,380,052.60	1,446,072.02
Equity Value (M)	1,508,591.59	1,578,038.23	1,650,075.05
Shares Outstanding (M)	4.23	4.23	4.23
Fair Value	$356,553.25	$372,966.85	$389,992.64
Upside / Downside	363.06%	384.37%	406.48%

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AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
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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%
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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%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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Nippon Prologis REIT, Inc. (3283.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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