DDM Analysis: 3284.T

Valuation Snapshot

Stable Growth	$2,415.08 - $5,370.70	$3,486.26
Multi-Stage	$2,109.83 - $2,308.85	$2,207.51
Blended Fair Value	$2,846.89
Current Price	$1,296.00
Upside	119.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.60%	17.59%	55.65	53.67	41.67	34.13	37.33	46.63	34.54	19.65	14.37	11.42
YoY Growth	-	-	3.69%	28.82%	22.08%	-8.57%	-19.94%	35.01%	75.72%	36.79%	25.80%	3.75%
Dividend Yield	-	-	4.47%	4.60%	4.17%	4.26%	5.23%	8.80%	5.54%	2.47%	1.48%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,548.00
(-) Cash Dividends Paid (M)	1,045.00
(=) Cash Retained (M)	3,503.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	909.60	568.50	341.10
Cash Retained (M)	3,503.00	3,503.00	3,503.00
(-) Cash Required (M)	-909.60	-568.50	-341.10
(=) Excess Retained (M)	2,593.40	2,934.50	3,161.90
(/) Shares Outstanding (M)	36.89	36.89	36.89
(=) Excess Retained per Share	70.30	79.55	85.71
LTM Dividend per Share	28.33	28.33	28.33
(+) Excess Retained per Share	70.30	79.55	85.71
(=) Adjusted Dividend	98.63	107.88	114.04
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	4.18%	5.18%	6.18%
Fair Value	$2,415.08	$3,486.26	$5,370.70
Upside / Downside	86.35%	169.00%	314.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,548.00	4,783.54	5,031.28	5,291.84	5,565.90	5,854.16	6,029.78
Payout Ratio	22.98%	36.38%	49.79%	63.19%	76.60%	90.00%	92.50%
Projected Dividends (M)	1,045.00	1,740.33	2,504.88	3,343.96	4,263.23	5,268.74	5,577.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	4.18%	5.18%	6.18%
Year 1 PV (M)	1,589.72	1,604.98	1,620.24
Year 2 PV (M)	2,090.08	2,130.40	2,171.10
Year 3 PV (M)	2,548.73	2,622.83	2,698.35
Year 4 PV (M)	2,968.17	3,083.78	3,202.74
Year 5 PV (M)	3,350.77	3,514.70	3,684.99
PV of Terminal Value (M)	65,282.50	68,476.42	71,794.14
Equity Value (M)	77,829.96	81,433.11	85,171.57
Shares Outstanding (M)	36.89	36.89	36.89
Fair Value	$2,109.83	$2,207.51	$2,308.85
Upside / Downside	62.80%	70.33%	78.15%

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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
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USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
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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%
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JBL	Jabil Inc.	0.14%	$0.33	5.48%
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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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Hoosiers Holdings Co., Ltd. (3284.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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