DDM Analysis: 6409.T

Valuation Snapshot

Stable Growth	$31,984.65 - $37,690.01	$35,317.97
Multi-Stage	$19,262.33 - $21,162.09	$20,194.29
Blended Fair Value	$27,756.13
Current Price	$2,718.00
Upside	921.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	4.75%	12.23%	31.15	27.97	37.15	29.37	22.31	24.70	26.33	24.78	12.26	9.79
YoY Growth	-	-	11.40%	-24.72%	26.49%	31.63%	-9.68%	-6.20%	6.28%	102.17%	25.19%	-0.39%
Dividend Yield	-	-	1.18%	1.67%	2.75%	1.71%	1.05%	2.15%	3.26%	2.08%	1.00%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,041.00
(-) Cash Dividends Paid (M)	246.00
(=) Cash Retained (M)	4,795.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,008.20	630.13	378.08
Cash Retained (M)	4,795.00	4,795.00	4,795.00
(-) Cash Required (M)	-1,008.20	-630.13	-378.08
(=) Excess Retained (M)	3,786.80	4,164.88	4,416.93
(/) Shares Outstanding (M)	26.35	26.35	26.35
(=) Excess Retained per Share	143.69	158.04	167.60
LTM Dividend per Share	9.33	9.33	9.33
(+) Excess Retained per Share	143.69	158.04	167.60
(=) Adjusted Dividend	153.03	167.38	176.94
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	4.51%	5.51%	6.51%
Fair Value	$31,984.65	$35,317.97	$37,690.01
Upside / Downside	1,076.77%	1,199.41%	1,286.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,041.00	5,318.52	5,611.32	5,920.24	6,246.17	6,590.04	6,787.74
Payout Ratio	4.88%	21.90%	38.93%	55.95%	72.98%	90.00%	92.50%
Projected Dividends (M)	246.00	1,164.97	2,184.38	3,312.49	4,558.21	5,931.04	6,278.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.95%	3.95%	3.95%
Growth Rate	4.51%	5.51%	6.51%
Year 1 PV (M)	1,110.08	1,120.70	1,131.32
Year 2 PV (M)	1,983.38	2,021.52	2,060.02
Year 3 PV (M)	2,865.98	2,949.05	3,033.70
Year 4 PV (M)	3,757.96	3,903.87	4,054.00
Year 5 PV (M)	4,659.38	4,886.61	5,122.63
PV of Terminal Value (M)	493,247.31	517,302.44	542,287.06
Equity Value (M)	507,624.10	532,184.20	557,688.73
Shares Outstanding (M)	26.35	26.35	26.35
Fair Value	$19,262.33	$20,194.29	$21,162.09
Upside / Downside	608.70%	642.98%	678.59%

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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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KITO Corporation (6409.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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