DDM Analysis: 7606.T

Valuation Snapshot

Stable Growth	$1,078.37 - $1,575.66	$1,318.43
Multi-Stage	$2,187.57 - $2,406.35	$2,294.81
Blended Fair Value	$1,806.62
Current Price	$2,140.00
Upside	-15.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-8.10%	-3.30%	55.20	53.14	24.74	7.24	62.70	84.21	80.12	80.01	85.34	86.06
YoY Growth	-	-	3.89%	114.79%	241.50%	-88.45%	-25.55%	5.11%	0.14%	-6.24%	-0.84%	11.44%
Dividend Yield	-	-	2.58%	2.58%	1.00%	0.35%	2.91%	4.62%	2.38%	1.93%	2.34%	2.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,982.00
(-) Cash Dividends Paid (M)	1,729.00
(=) Cash Retained (M)	2,253.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	796.40	497.75	298.65
Cash Retained (M)	2,253.00	2,253.00	2,253.00
(-) Cash Required (M)	-796.40	-497.75	-298.65
(=) Excess Retained (M)	1,456.60	1,755.25	1,954.35
(/) Shares Outstanding (M)	27.61	27.61	27.61
(=) Excess Retained per Share	52.76	63.58	70.79
LTM Dividend per Share	62.63	62.63	62.63
(+) Excess Retained per Share	52.76	63.58	70.79
(=) Adjusted Dividend	115.39	126.20	133.41
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	-2.84%	-1.84%	-0.84%
Fair Value	$1,078.37	$1,318.43	$1,575.66
Upside / Downside	-49.61%	-38.39%	-26.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,982.00	3,908.73	3,836.80	3,766.20	3,696.90	3,628.87	3,737.74
Payout Ratio	43.42%	52.74%	62.05%	71.37%	80.68%	90.00%	92.50%
Projected Dividends (M)	1,729.00	2,061.32	2,380.82	2,687.87	2,982.81	3,265.98	3,457.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	-2.84%	-1.84%	-0.84%
Year 1 PV (M)	1,896.98	1,916.51	1,936.03
Year 2 PV (M)	2,016.34	2,058.06	2,100.21
Year 3 PV (M)	2,094.90	2,160.25	2,226.95
Year 4 PV (M)	2,139.44	2,228.89	2,321.11
Year 5 PV (M)	2,155.79	2,269.04	2,387.00
PV of Terminal Value (M)	50,091.84	52,723.26	55,464.11
Equity Value (M)	60,395.30	63,356.01	66,435.42
Shares Outstanding (M)	27.61	27.61	27.61
Fair Value	$2,187.57	$2,294.81	$2,406.35
Upside / Downside	2.22%	7.23%	12.45%

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United Arrows Ltd. (7606.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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