DDM Analysis: 3659.T

Valuation Snapshot

Stable Growth	$2,667.90 - $5,789.13	$3,818.23
Multi-Stage	$1,940.46 - $2,119.14	$2,028.18
Blended Fair Value	$2,923.20
Current Price	$3,247.00
Upside	-9.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	8.94%	12.58	10.48	10.73	5.43	5.40	0.00	0.00	0.00	5.32	5.26
YoY Growth	-	-	20.00%	-2.34%	97.82%	0.54%	0.00%	0.00%	-100.00%	-99.98%	1.23%	-1.55%
Dividend Yield	-	-	0.62%	0.42%	0.34%	0.19%	0.15%	0.00%	0.00%	0.00%	0.60%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113,224.00
(-) Cash Dividends Paid (M)	23,979.00
(=) Cash Retained (M)	89,245.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22,644.80	14,153.00	8,491.80
Cash Retained (M)	89,245.00	89,245.00	89,245.00
(-) Cash Required (M)	-22,644.80	-14,153.00	-8,491.80
(=) Excess Retained (M)	66,600.20	75,092.00	80,753.20
(/) Shares Outstanding (M)	818.54	818.54	818.54
(=) Excess Retained per Share	81.36	91.74	98.66
LTM Dividend per Share	29.29	29.29	29.29
(+) Excess Retained per Share	81.36	91.74	98.66
(=) Adjusted Dividend	110.66	121.03	127.95
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,667.90	$3,818.23	$5,789.13
Upside / Downside	-17.83%	17.59%	78.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113,224.00	120,583.56	128,421.49	136,768.89	145,658.87	155,126.69	159,780.49
Payout Ratio	21.18%	34.94%	48.71%	62.47%	76.24%	90.00%	92.50%
Projected Dividends (M)	23,979.00	42,135.15	62,550.29	85,441.37	111,044.02	139,614.02	147,796.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	37,987.86	38,347.93	38,708.00
Year 2 PV (M)	50,842.84	51,811.25	52,788.80
Year 3 PV (M)	62,613.64	64,411.05	66,242.54
Year 4 PV (M)	73,366.22	76,187.68	79,089.74
Year 5 PV (M)	83,163.02	87,179.83	91,350.37
PV of Terminal Value (M)	1,280,367.33	1,342,209.55	1,406,418.61
Equity Value (M)	1,588,340.90	1,660,147.28	1,734,598.06
Shares Outstanding (M)	818.54	818.54	818.54
Fair Value	$1,940.46	$2,028.18	$2,119.14
Upside / Downside	-40.24%	-37.54%	-34.74%

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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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ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
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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%
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%
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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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PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
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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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NEXON Co., Ltd. (3659.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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