DDM Analysis: 6191.T

Valuation Snapshot

Stable Growth	$1,097.70 - $1,941.23	$1,454.92
Multi-Stage	$1,859.89 - $2,045.88	$1,951.09
Blended Fair Value	$1,703.01
Current Price	$980.00
Upside	73.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.51%	0.00%	9.93	9.93	9.84	9.80	9.04	8.77	7.84	5.26	0.00	0.00
YoY Growth	-	-	0.00%	0.90%	0.45%	8.37%	3.05%	11.93%	49.15%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.01%	0.87%	0.53%	0.40%	0.29%	0.70%	0.39%	0.29%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,840.00
(-) Cash Dividends Paid (M)	223.00
(=) Cash Retained (M)	1,617.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	368.00	230.00	138.00
Cash Retained (M)	1,617.00	1,617.00	1,617.00
(-) Cash Required (M)	-368.00	-230.00	-138.00
(=) Excess Retained (M)	1,249.00	1,387.00	1,479.00
(/) Shares Outstanding (M)	22.45	22.45	22.45
(=) Excess Retained per Share	55.63	61.77	65.87
LTM Dividend per Share	9.93	9.93	9.93
(+) Excess Retained per Share	55.63	61.77	65.87
(=) Adjusted Dividend	65.56	71.71	75.80
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	0.51%	1.51%	2.51%
Fair Value	$1,097.70	$1,454.92	$1,941.23
Upside / Downside	12.01%	48.46%	98.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,840.00	1,867.79	1,896.00	1,924.64	1,953.71	1,983.21	2,042.71
Payout Ratio	12.12%	27.70%	43.27%	58.85%	74.42%	90.00%	92.50%
Projected Dividends (M)	223.00	517.30	820.43	1,132.61	1,454.02	1,784.89	1,889.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	0.51%	1.51%	2.51%
Year 1 PV (M)	480.88	485.66	490.45
Year 2 PV (M)	708.98	723.16	737.48
Year 3 PV (M)	909.85	937.28	965.25
Year 4 PV (M)	1,085.82	1,129.68	1,174.86
Year 5 PV (M)	1,239.07	1,301.94	1,367.35
PV of Terminal Value (M)	37,334.87	39,229.46	41,200.20
Equity Value (M)	41,759.47	43,807.19	45,935.59
Shares Outstanding (M)	22.45	22.45	22.45
Fair Value	$1,859.89	$1,951.09	$2,045.88
Upside / Downside	89.78%	99.09%	108.76%

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Financial Statements

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AirTrip Corp. (6191.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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