DDM Analysis: 3109.T

Valuation Snapshot

Stable Growth	$875.46 - $1,460.72	$1,133.22
Multi-Stage	$1,738.43 - $1,912.75	$1,823.90
Blended Fair Value	$1,478.56
Current Price	$1,001.00
Upside	47.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.65%	14.42%	70.70	45.77	36.53	34.01	34.09	34.17	34.17	30.69	27.14	18.54
YoY Growth	-	-	54.48%	25.27%	7.42%	-0.23%	-0.23%	0.00%	11.31%	13.08%	46.38%	0.86%
Dividend Yield	-	-	7.25%	4.08%	3.62%	3.80%	3.61%	3.44%	3.50%	2.40%	1.86%	1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	951.00
(-) Cash Dividends Paid (M)	290.50
(=) Cash Retained (M)	660.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	190.20	118.88	71.33
Cash Retained (M)	660.50	660.50	660.50
(-) Cash Required (M)	-190.20	-118.88	-71.33
(=) Excess Retained (M)	470.30	541.63	589.18
(/) Shares Outstanding (M)	12.67	12.67	12.67
(=) Excess Retained per Share	37.11	42.74	46.49
LTM Dividend per Share	22.92	22.92	22.92
(+) Excess Retained per Share	37.11	42.74	46.49
(=) Adjusted Dividend	60.03	65.66	69.41
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.49%	0.51%	1.51%
Fair Value	$875.46	$1,133.22	$1,460.72
Upside / Downside	-12.54%	13.21%	45.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	951.00	955.86	960.75	965.66	970.59	975.56	1,004.82
Payout Ratio	30.55%	42.44%	54.33%	66.22%	78.11%	90.00%	92.50%
Projected Dividends (M)	290.50	405.64	521.96	639.45	758.12	878.00	929.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.49%	0.51%	1.51%
Year 1 PV (M)	377.68	381.48	385.27
Year 2 PV (M)	452.48	461.62	470.85
Year 3 PV (M)	516.12	531.83	547.87
Year 4 PV (M)	569.73	592.98	616.93
Year 5 PV (M)	614.33	645.83	678.60
PV of Terminal Value (M)	19,501.14	20,500.87	21,541.20
Equity Value (M)	22,031.47	23,114.61	24,240.72
Shares Outstanding (M)	12.67	12.67	12.67
Fair Value	$1,738.43	$1,823.90	$1,912.75
Upside / Downside	73.67%	82.21%	91.08%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Ticker

Industry

Sector

Shikibo Ltd. (3109.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener