DDM Analysis: 9422.T

Valuation Snapshot

Stable Growth	$901.37 - $1,461.51	$1,152.85
Multi-Stage	$1,056.79 - $1,156.34	$1,105.64
Blended Fair Value	$1,129.24
Current Price	$1,908.00
Upside	-40.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	6.32%	10.22%	70.01	60.02	60.02	65.02	59.99	51.52	44.48	33.73	32.25	26.47
YoY Growth	-	-	16.65%	0.00%	-7.70%	8.38%	16.44%	15.83%	31.88%	4.57%	21.88%	0.00%
Dividend Yield	-	-	5.27%	4.00%	4.22%	4.58%	3.11%	2.67%	3.47%	2.54%	3.64%	2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,616.00
(-) Cash Dividends Paid (M)	1,179.00
(=) Cash Retained (M)	2,437.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	723.20	452.00	271.20
Cash Retained (M)	2,437.00	2,437.00	2,437.00
(-) Cash Required (M)	-723.20	-452.00	-271.20
(=) Excess Retained (M)	1,713.80	1,985.00	2,165.80
(/) Shares Outstanding (M)	44.74	44.74	44.74
(=) Excess Retained per Share	38.31	44.37	48.41
LTM Dividend per Share	26.35	26.35	26.35
(+) Excess Retained per Share	38.31	44.37	48.41
(=) Adjusted Dividend	64.66	70.72	74.76
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	2.15%	3.15%	4.15%
Fair Value	$901.37	$1,152.85	$1,461.51
Upside / Downside	-52.76%	-39.58%	-23.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,616.00	3,729.87	3,847.32	3,968.48	4,093.45	4,222.35	4,349.02
Payout Ratio	32.61%	44.08%	55.56%	67.04%	78.52%	90.00%	92.50%
Projected Dividends (M)	1,179.00	1,644.28	2,137.69	2,660.55	3,214.21	3,800.11	4,022.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	2.15%	3.15%	4.15%
Year 1 PV (M)	1,487.38	1,501.94	1,516.50
Year 2 PV (M)	1,749.20	1,783.61	1,818.36
Year 3 PV (M)	1,969.30	2,027.70	2,087.25
Year 4 PV (M)	2,152.10	2,237.62	2,325.66
Year 5 PV (M)	2,301.60	2,416.49	2,535.92
PV of Terminal Value (M)	37,618.64	39,496.40	41,448.42
Equity Value (M)	47,278.21	49,463.77	51,732.11
Shares Outstanding (M)	44.74	44.74	44.74
Fair Value	$1,056.79	$1,105.64	$1,156.34
Upside / Downside	-44.61%	-42.05%	-39.40%

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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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Conexio Corporation (9422.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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