DDM Analysis: 4708.T

Valuation Snapshot

Stable Growth	$651.72 - $1,019.25	$820.87
Multi-Stage	$1,040.79 - $1,141.35	$1,090.11
Blended Fair Value	$955.49
Current Price	$1,457.00
Upside	-34.42%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	4.15%	-2.47%	43.00	44.82	40.84	39.33	38.26	35.09	30.85	30.86	30.84	46.76
YoY Growth	-	-	-4.06%	9.74%	3.84%	2.78%	9.05%	13.75%	-0.05%	0.06%	-34.04%	-15.35%
Dividend Yield	-	-	2.95%	4.19%	3.01%	3.92%	3.04%	2.22%	2.52%	2.90%	2.25%	4.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,301.00
(-) Cash Dividends Paid (M)	2,134.99
(=) Cash Retained (M)	2,166.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	860.20	537.63	322.58
Cash Retained (M)	2,166.01	2,166.01	2,166.01
(-) Cash Required (M)	-860.20	-537.63	-322.58
(=) Excess Retained (M)	1,305.81	1,628.38	1,843.43
(/) Shares Outstanding (M)	64.84	64.84	64.84
(=) Excess Retained per Share	20.14	25.11	28.43
LTM Dividend per Share	32.93	32.93	32.93
(+) Excess Retained per Share	20.14	25.11	28.43
(=) Adjusted Dividend	53.07	58.04	61.36
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	-0.10%	0.90%	1.90%
Fair Value	$651.72	$820.87	$1,019.25
Upside / Downside	-55.27%	-43.66%	-30.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,301.00	4,339.59	4,378.53	4,417.82	4,457.46	4,497.46	4,632.38
Payout Ratio	49.64%	57.71%	65.78%	73.86%	81.93%	90.00%	92.50%
Projected Dividends (M)	2,134.99	2,504.45	2,880.36	3,262.82	3,651.90	4,047.71	4,284.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	-0.10%	0.90%	1.90%
Year 1 PV (M)	2,295.28	2,318.25	2,341.23
Year 2 PV (M)	2,419.32	2,468.00	2,517.16
Year 3 PV (M)	2,511.67	2,587.86	2,665.57
Year 4 PV (M)	2,576.40	2,681.12	2,789.00
Year 5 PV (M)	2,617.14	2,750.78	2,889.83
PV of Terminal Value (M)	55,062.83	57,874.53	60,799.94
Equity Value (M)	67,482.64	70,680.54	74,002.73
Shares Outstanding (M)	64.84	64.84	64.84
Fair Value	$1,040.79	$1,090.11	$1,141.35
Upside / Downside	-28.57%	-25.18%	-21.66%

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Relia, Inc. (4708.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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