DDM Analysis: 2651.T

Valuation Snapshot

Stable Growth	$89,333.23 - $105,249.69	$98,634.37
Multi-Stage	$23,983.33 - $26,291.75	$25,116.14
Blended Fair Value	$61,875.25
Current Price	$10,325.00
Upside	499.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.46%	-0.85%	192.29	149.84	149.83	149.82	202.25	254.68	252.12	247.06	242.05	229.37
YoY Growth	-	-	28.33%	0.01%	0.01%	-25.93%	-20.58%	1.01%	2.05%	2.07%	5.53%	9.54%
Dividend Yield	-	-	1.86%	2.46%	3.29%	3.04%	3.45%	5.02%	3.56%	3.27%	2.76%	2.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53,019.00
(-) Cash Dividends Paid (M)	11,759.00
(=) Cash Retained (M)	41,260.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,603.80	6,627.38	3,976.43
Cash Retained (M)	41,260.00	41,260.00	41,260.00
(-) Cash Required (M)	-10,603.80	-6,627.38	-3,976.43
(=) Excess Retained (M)	30,656.20	34,632.63	37,283.58
(/) Shares Outstanding (M)	100.18	100.18	100.18
(=) Excess Retained per Share	306.00	345.70	372.16
LTM Dividend per Share	117.38	117.38	117.38
(+) Excess Retained per Share	306.00	345.70	372.16
(=) Adjusted Dividend	423.38	463.07	489.53
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89,333.23	$98,634.37	$105,249.69
Upside / Downside	765.21%	855.30%	919.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53,019.00	56,465.24	60,135.48	64,044.28	68,207.16	72,640.62	74,819.84
Payout Ratio	22.18%	35.74%	49.31%	62.87%	76.44%	90.00%	92.50%
Projected Dividends (M)	11,759.00	20,182.41	29,651.18	40,265.62	52,134.67	65,376.56	69,208.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18,989.57	19,169.57	19,349.56
Year 2 PV (M)	26,249.82	26,749.80	27,254.50
Year 3 PV (M)	33,539.83	34,502.64	35,483.70
Year 4 PV (M)	40,859.70	42,431.05	44,047.29
Year 5 PV (M)	48,209.51	50,538.05	52,955.71
PV of Terminal Value (M)	2,234,856.24	2,342,800.63	2,454,876.31
Equity Value (M)	2,402,704.66	2,516,191.73	2,633,967.06
Shares Outstanding (M)	100.18	100.18	100.18
Fair Value	$23,983.33	$25,116.14	$26,291.75
Upside / Downside	132.28%	143.26%	154.64%

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Financial Statements

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Lawson, Inc. (2651.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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