DDM Analysis: 8979.T

Valuation Snapshot

Stable Growth	$261,797.68 - $503,930.34	$358,643.09
Multi-Stage	$363,376.83 - $398,173.04	$380,447.54
Blended Fair Value	$369,545.32
Current Price	$169,400.00
Upside	118.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.11%	0.00%	9,988.93	10,331.68	8,336.25	8,369.24	8,617.32	8,168.60	8,432.96	7,965.65	5,034.29	5,133.42
YoY Growth	-	-	-3.32%	23.94%	-0.39%	-2.88%	5.49%	-3.13%	5.87%	58.23%	-1.93%	0.00%
Dividend Yield	-	-	5.72%	4.97%	3.52%	3.49%	4.33%	3.89%	5.17%	5.06%	3.18%	3.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,683.54
(-) Cash Dividends Paid (M)	2,961.16
(=) Cash Retained (M)	1,722.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	936.71	585.44	351.27
Cash Retained (M)	1,722.38	1,722.38	1,722.38
(-) Cash Required (M)	-936.71	-585.44	-351.27
(=) Excess Retained (M)	785.68	1,136.94	1,371.12
(/) Shares Outstanding (M)	0.28	0.28	0.28
(=) Excess Retained per Share	2,781.52	4,025.10	4,854.15
LTM Dividend per Share	10,483.35	10,483.35	10,483.35
(+) Excess Retained per Share	2,781.52	4,025.10	4,854.15
(=) Adjusted Dividend	13,264.86	14,508.44	15,337.50
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	1.86%	2.86%	3.86%
Fair Value	$261,797.68	$358,643.09	$503,930.34
Upside / Downside	54.54%	111.71%	197.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,683.54	4,817.44	4,955.16	5,096.82	5,242.53	5,392.40	5,554.17
Payout Ratio	63.22%	68.58%	73.93%	79.29%	84.64%	90.00%	92.50%
Projected Dividends (M)	2,961.16	3,303.79	3,663.59	4,041.26	4,437.53	4,853.16	5,137.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	1.86%	2.86%	3.86%
Year 1 PV (M)	3,057.07	3,087.08	3,117.09
Year 2 PV (M)	3,136.84	3,198.73	3,261.23
Year 3 PV (M)	3,201.81	3,297.04	3,394.14
Year 4 PV (M)	3,253.22	3,382.86	3,516.35
Year 5 PV (M)	3,292.22	3,457.03	3,628.38
PV of Terminal Value (M)	86,699.36	91,039.61	95,551.96
Equity Value (M)	102,640.51	107,462.35	112,469.15
Shares Outstanding (M)	0.28	0.28	0.28
Fair Value	$363,376.83	$380,447.54	$398,173.04
Upside / Downside	114.51%	124.59%	135.05%

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Starts Proceed Investment Corporation (8979.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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