DDM Analysis: 3489.T

Valuation Snapshot

Stable Growth	$17,264.86 - $20,340.93	$19,062.43
Multi-Stage	$5,083.67 - $5,575.75	$5,325.14
Blended Fair Value	$12,193.78
Current Price	$756.33
Upside	1,512.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	24.36%	0.00%	14.99	13.94	6.18	5.38	5.04	5.04	5.03	3.37	0.00	0.00
YoY Growth	-	-	7.53%	125.53%	14.91%	6.71%	0.05%	0.10%	49.13%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	2.31%	1.33%	2.32%	2.19%	2.65%	3.24%	0.98%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,030.65
(-) Cash Dividends Paid (M)	221.99
(=) Cash Retained (M)	2,808.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	606.13	378.83	227.30
Cash Retained (M)	2,808.65	2,808.65	2,808.65
(-) Cash Required (M)	-606.13	-378.83	-227.30
(=) Excess Retained (M)	2,202.52	2,429.82	2,581.35
(/) Shares Outstanding (M)	29.63	29.63	29.63
(=) Excess Retained per Share	74.33	82.00	87.12
LTM Dividend per Share	7.49	7.49	7.49
(+) Excess Retained per Share	74.33	82.00	87.12
(=) Adjusted Dividend	81.82	89.49	94.61
WACC / Discount Rate	5.08%	5.08%	5.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17,264.86	$19,062.43	$20,340.93
Upside / Downside	2,182.72%	2,420.39%	2,589.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,030.65	3,227.64	3,437.44	3,660.87	3,898.83	4,152.25	4,276.82
Payout Ratio	7.32%	23.86%	40.39%	56.93%	73.46%	90.00%	92.50%
Projected Dividends (M)	221.99	770.11	1,388.55	2,084.13	2,864.27	3,737.02	3,956.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.08%	5.08%	5.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	726.03	732.91	739.79
Year 2 PV (M)	1,234.12	1,257.63	1,281.35
Year 3 PV (M)	1,746.29	1,796.42	1,847.50
Year 4 PV (M)	2,262.58	2,349.59	2,439.09
Year 5 PV (M)	2,783.00	2,917.42	3,056.98
PV of Terminal Value (M)	141,881.61	148,734.54	155,849.76
Equity Value (M)	150,633.63	157,788.51	165,214.48
Shares Outstanding (M)	29.63	29.63	29.63
Fair Value	$5,083.67	$5,325.14	$5,575.75
Upside / Downside	572.15%	604.08%	637.21%

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FaithNetwork Co.,Ltd (3489.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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