DDM Analysis: 7947.T

Valuation Snapshot

Stable Growth	$4,006.78 - $10,967.95	$6,186.21
Multi-Stage	$4,679.01 - $5,133.30	$4,901.87
Blended Fair Value	$5,544.04
Current Price	$2,654.00
Upside	108.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.58%	7.01%	56.95	47.56	47.55	46.04	41.92	41.42	41.44	40.82	38.36	30.22
YoY Growth	-	-	19.73%	0.03%	3.28%	9.82%	1.22%	-0.06%	1.51%	6.42%	26.92%	4.49%
Dividend Yield	-	-	2.15%	1.97%	1.62%	1.62%	1.02%	0.96%	1.24%	1.33%	1.26%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,838.00
(-) Cash Dividends Paid (M)	4,970.00
(=) Cash Retained (M)	8,868.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,767.60	1,729.75	1,037.85
Cash Retained (M)	8,868.00	8,868.00	8,868.00
(-) Cash Required (M)	-2,767.60	-1,729.75	-1,037.85
(=) Excess Retained (M)	6,100.40	7,138.25	7,830.15
(/) Shares Outstanding (M)	80.86	80.86	80.86
(=) Excess Retained per Share	75.44	88.27	96.83
LTM Dividend per Share	61.46	61.46	61.46
(+) Excess Retained per Share	75.44	88.27	96.83
(=) Adjusted Dividend	136.90	149.74	158.29
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	2.80%	3.80%	4.80%
Fair Value	$4,006.78	$6,186.21	$10,967.95
Upside / Downside	50.97%	133.09%	313.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,838.00	14,364.47	14,910.97	15,478.25	16,067.13	16,678.40	17,178.75
Payout Ratio	35.92%	46.73%	57.55%	68.37%	79.18%	90.00%	92.50%
Projected Dividends (M)	4,970.00	6,712.87	8,581.16	10,581.90	12,722.45	15,010.56	15,890.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	2.80%	3.80%	4.80%
Year 1 PV (M)	6,253.18	6,314.01	6,374.84
Year 2 PV (M)	7,446.16	7,591.72	7,738.69
Year 3 PV (M)	8,553.47	8,805.51	9,062.45
Year 4 PV (M)	9,579.49	9,957.69	10,346.98
Year 5 PV (M)	10,528.38	11,050.50	11,593.13
PV of Terminal Value (M)	336,002.55	352,665.40	369,982.85
Equity Value (M)	378,363.23	396,384.83	415,098.94
Shares Outstanding (M)	80.86	80.86	80.86
Fair Value	$4,679.01	$4,901.87	$5,133.30
Upside / Downside	76.30%	84.70%	93.42%

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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%
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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%
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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
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FP Corporation (7947.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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