DDM Analysis: 3852.T

Valuation Snapshot

Stable Growth	$1,952.88 - $4,141.49	$2,772.27
Multi-Stage	$1,411.31 - $1,542.24	$1,475.59
Blended Fair Value	$2,123.93
Current Price	$1,320.00
Upside	60.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	9.03%	12.88%	19.98	17.89	17.04	14.90	12.95	12.97	10.93	8.63	6.99	5.95
YoY Growth	-	-	11.71%	4.98%	14.36%	15.06%	-0.16%	18.71%	26.69%	23.38%	17.42%	0.04%
Dividend Yield	-	-	1.38%	1.56%	1.08%	0.88%	0.61%	1.18%	1.32%	1.55%	1.73%	1.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	835.14
(-) Cash Dividends Paid (M)	85.78
(=) Cash Retained (M)	749.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	167.03	104.39	62.64
Cash Retained (M)	749.36	749.36	749.36
(-) Cash Required (M)	-167.03	-104.39	-62.64
(=) Excess Retained (M)	582.33	644.97	686.72
(/) Shares Outstanding (M)	8.02	8.02	8.02
(=) Excess Retained per Share	72.60	80.41	85.62
LTM Dividend per Share	10.69	10.69	10.69
(+) Excess Retained per Share	72.60	80.41	85.62
(=) Adjusted Dividend	83.30	91.11	96.31
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,952.88	$2,772.27	$4,141.49
Upside / Downside	47.95%	110.02%	213.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	835.14	889.42	947.24	1,008.81	1,074.38	1,144.21	1,178.54
Payout Ratio	10.27%	26.22%	42.16%	58.11%	74.05%	90.00%	92.50%
Projected Dividends (M)	85.78	233.18	399.38	586.20	795.62	1,029.79	1,090.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	209.99	211.98	213.97
Year 2 PV (M)	323.90	330.07	336.29
Year 3 PV (M)	428.13	440.42	452.95
Year 4 PV (M)	523.30	543.42	564.12
Year 5 PV (M)	609.96	639.42	670.01
PV of Terminal Value (M)	9,224.41	9,669.95	10,132.55
Equity Value (M)	11,319.69	11,835.26	12,369.89
Shares Outstanding (M)	8.02	8.02	8.02
Fair Value	$1,411.31	$1,475.59	$1,542.24
Upside / Downside	6.92%	11.79%	16.84%

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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%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
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%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
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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Cyber Com Co., Ltd. (3852.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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