DDM Analysis: 9201.T

Valuation Snapshot

Stable Growth	$3,920.47 - $6,990.80	$5,213.42
Multi-Stage	$5,770.32 - $6,334.81	$6,047.19
Blended Fair Value	$5,630.30
Current Price	$2,983.00
Upside	88.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-0.58%	2.49%	84.89	54.80	0.00	0.02	0.07	87.37	90.13	118.53	99.59	86.34
YoY Growth	-	-	54.91%	1,196,100.00%	-71.43%	-77.42%	-99.92%	-3.05%	-23.97%	19.02%	15.35%	30.03%
Dividend Yield	-	-	2.89%	2.15%	0.00%	0.00%	0.00%	4.50%	2.57%	3.02%	2.87%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124,807.00
(-) Cash Dividends Paid (M)	37,500.00
(=) Cash Retained (M)	87,307.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24,961.40	15,600.88	9,360.53
Cash Retained (M)	87,307.00	87,307.00	87,307.00
(-) Cash Required (M)	-24,961.40	-15,600.88	-9,360.53
(=) Excess Retained (M)	62,345.60	71,706.13	77,946.48
(/) Shares Outstanding (M)	436.58	436.58	436.58
(=) Excess Retained per Share	142.80	164.24	178.54
LTM Dividend per Share	85.89	85.89	85.89
(+) Excess Retained per Share	142.80	164.24	178.54
(=) Adjusted Dividend	228.70	250.14	264.43
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.21%	2.21%	3.21%
Fair Value	$3,920.47	$5,213.42	$6,990.80
Upside / Downside	31.43%	74.77%	134.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124,807.00	127,563.35	130,380.58	133,260.02	136,203.06	139,211.10	143,387.43
Payout Ratio	30.05%	42.04%	54.03%	66.02%	78.01%	90.00%	92.50%
Projected Dividends (M)	37,500.00	53,623.95	70,441.80	87,976.34	106,251.03	125,289.99	132,633.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	1.21%	2.21%	3.21%
Year 1 PV (M)	49,573.42	50,063.24	50,553.05
Year 2 PV (M)	60,201.96	61,397.50	62,604.79
Year 3 PV (M)	69,508.22	71,588.99	73,710.88
Year 4 PV (M)	77,605.67	80,718.59	83,924.23
Year 5 PV (M)	84,599.30	88,862.17	93,295.17
PV of Terminal Value (M)	2,177,730.77	2,287,464.28	2,401,577.36
Equity Value (M)	2,519,219.34	2,640,094.77	2,765,665.49
Shares Outstanding (M)	436.58	436.58	436.58
Fair Value	$5,770.32	$6,047.19	$6,334.81
Upside / Downside	93.44%	102.72%	112.36%

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BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
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STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
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ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
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Japan Airlines Co., Ltd. (9201.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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