DDM Analysis: 2734.T

Valuation Snapshot

Stable Growth	$1,081.45 - $1,918.60	$1,435.12
Multi-Stage	$1,095.02 - $1,196.55	$1,144.85
Blended Fair Value	$1,289.99
Current Price	$932.00
Upside	38.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.48%	16.06%	26.66	28.70	24.84	20.57	21.53	19.48	19.57	14.83	8.37	6.61
YoY Growth	-	-	-7.11%	15.56%	20.76%	-4.49%	10.56%	-0.48%	31.93%	77.28%	26.65%	9.84%
Dividend Yield	-	-	3.34%	3.61%	3.40%	3.08%	3.67%	3.53%	3.28%	2.16%	1.30%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,995.00
(-) Cash Dividends Paid (M)	1,973.00
(=) Cash Retained (M)	3,022.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	999.00	624.38	374.63
Cash Retained (M)	3,022.00	3,022.00	3,022.00
(-) Cash Required (M)	-999.00	-624.38	-374.63
(=) Excess Retained (M)	2,023.00	2,397.63	2,647.38
(/) Shares Outstanding (M)	64.18	64.18	64.18
(=) Excess Retained per Share	31.52	37.36	41.25
LTM Dividend per Share	30.74	30.74	30.74
(+) Excess Retained per Share	31.52	37.36	41.25
(=) Adjusted Dividend	62.26	68.10	71.99
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	3.50%	4.50%	5.50%
Fair Value	$1,081.45	$1,435.12	$1,918.60
Upside / Downside	16.04%	53.98%	105.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,995.00	5,219.56	5,454.21	5,699.41	5,955.64	6,223.38	6,410.08
Payout Ratio	39.50%	49.60%	59.70%	69.80%	79.90%	90.00%	92.50%
Projected Dividends (M)	1,973.00	2,588.88	3,256.15	3,978.18	4,758.55	5,601.04	5,929.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	3.50%	4.50%	5.50%
Year 1 PV (M)	2,342.63	2,365.27	2,387.90
Year 2 PV (M)	2,666.18	2,717.95	2,770.22
Year 3 PV (M)	2,947.56	3,033.83	3,121.76
Year 4 PV (M)	3,190.40	3,315.50	3,444.25
Year 5 PV (M)	3,398.07	3,565.44	3,739.34
PV of Terminal Value (M)	55,737.42	58,482.71	61,335.11
Equity Value (M)	70,282.26	73,480.69	76,798.59
Shares Outstanding (M)	64.18	64.18	64.18
Fair Value	$1,095.02	$1,144.85	$1,196.55
Upside / Downside	17.49%	22.84%	28.38%

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Financial Statements

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SALA Corporation (2734.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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