DDM Analysis: 3267.T

Valuation Snapshot

Stable Growth	$570.19 - $882.29	$714.91
Multi-Stage	$1,269.50 - $1,399.38	$1,333.16
Blended Fair Value	$1,024.03
Current Price	$984.00
Upside	4.07%
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	0.00%	0.00%	5.02	0.00	10.48	0.01	5.26	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	117,030.43%	-99.96%	102,234.55%	-99.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.63%	0.00%	0.93%	0.00%	0.24%	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)	328.86
(-) Cash Dividends Paid (M)	53.86
(=) Cash Retained (M)	275.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.77	41.11	24.66
Cash Retained (M)	275.01	275.01	275.01
(-) Cash Required (M)	-65.77	-41.11	-24.66
(=) Excess Retained (M)	209.23	233.90	250.34
(/) Shares Outstanding (M)	5.37	5.37	5.37
(=) Excess Retained per Share	38.96	43.56	46.62
LTM Dividend per Share	10.03	10.03	10.03
(+) Excess Retained per Share	38.96	43.56	46.62
(=) Adjusted Dividend	48.99	53.59	56.65
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$570.19	$714.91	$882.29
Upside / Downside	-42.05%	-27.35%	-10.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	328.86	325.57	322.32	319.09	315.90	312.74	322.13
Payout Ratio	16.38%	31.10%	45.83%	60.55%	75.28%	90.00%	92.50%
Projected Dividends (M)	53.86	101.26	147.70	193.21	237.80	281.47	297.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	94.19	95.15	96.11
Year 2 PV (M)	127.80	130.42	133.07
Year 3 PV (M)	155.50	160.31	165.22
Year 4 PV (M)	178.02	185.40	193.00
Year 5 PV (M)	196.00	206.21	216.83
PV of Terminal Value (M)	6,065.45	6,381.30	6,710.16
Equity Value (M)	6,816.96	7,158.78	7,514.39
Shares Outstanding (M)	5.37	5.37	5.37
Fair Value	$1,269.50	$1,333.16	$1,399.38
Upside / Downside	29.01%	35.48%	42.21%

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Phil Company,Inc. (3267.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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