DDM Analysis: 4423.T

Valuation Snapshot

Stable Growth	$1,285.66 - $2,113.79	$1,654.09
Multi-Stage	$4,098.00 - $4,518.92	$4,304.28
Blended Fair Value	$2,979.18
Current Price	$1,970.00
Upside	51.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	61.66	84.36	53.03	26.21	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-26.92%	59.10%	102.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.13%	6.90%	2.94%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,800.00
(-) Cash Dividends Paid (M)	3,023.00
(=) Cash Retained (M)	2,777.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,160.00	725.00	435.00
Cash Retained (M)	2,777.00	2,777.00	2,777.00
(-) Cash Required (M)	-1,160.00	-725.00	-435.00
(=) Excess Retained (M)	1,617.00	2,052.00	2,342.00
(/) Shares Outstanding (M)	49.94	49.94	49.94
(=) Excess Retained per Share	32.38	41.09	46.90
LTM Dividend per Share	60.53	60.53	60.53
(+) Excess Retained per Share	32.38	41.09	46.90
(=) Adjusted Dividend	92.91	101.62	107.43
WACC / Discount Rate	5.08%	5.08%	5.08%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,285.66	$1,654.09	$2,113.79
Upside / Downside	-34.74%	-16.04%	7.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,800.00	5,742.00	5,684.58	5,627.73	5,571.46	5,515.74	5,681.21
Payout Ratio	52.12%	59.70%	67.27%	74.85%	82.42%	90.00%	92.50%
Projected Dividends (M)	3,023.00	3,427.78	3,824.15	4,212.26	4,592.23	4,964.17	5,255.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.08%	5.08%	5.08%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,229.04	3,261.99	3,294.94
Year 2 PV (M)	3,393.57	3,463.18	3,533.50
Year 3 PV (M)	3,521.26	3,630.16	3,741.27
Year 4 PV (M)	3,616.32	3,766.20	3,920.69
Year 5 PV (M)	3,682.57	3,874.33	4,073.99
PV of Terminal Value (M)	187,205.80	196,954.04	207,104.21
Equity Value (M)	204,648.55	214,949.89	225,668.60
Shares Outstanding (M)	49.94	49.94	49.94
Fair Value	$4,098.00	$4,304.28	$4,518.92
Upside / Downside	108.02%	118.49%	129.39%

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ARTERIA Networks Corporation (4423.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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