DDM Analysis: 3648.T

Valuation Snapshot

Stable Growth	$1,965.47 - $4,615.47	$2,890.35
Multi-Stage	$1,952.37 - $2,140.37	$2,044.61
Blended Fair Value	$2,467.48
Current Price	$958.00
Upside	157.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.63%	5.41%	16.10	12.56	11.65	13.77	11.66	11.68	11.68	11.64	11.11	10.07
YoY Growth	-	-	28.20%	7.78%	-15.37%	18.07%	-0.17%	0.04%	0.30%	4.78%	10.34%	5.89%
Dividend Yield	-	-	1.68%	1.19%	1.53%	1.88%	1.31%	1.39%	1.76%	1.34%	1.38%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,601.86
(-) Cash Dividends Paid (M)	265.94
(=) Cash Retained (M)	1,335.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	320.37	200.23	120.14
Cash Retained (M)	1,335.92	1,335.92	1,335.92
(-) Cash Required (M)	-320.37	-200.23	-120.14
(=) Excess Retained (M)	1,015.55	1,135.69	1,215.78
(/) Shares Outstanding (M)	16.79	16.79	16.79
(=) Excess Retained per Share	60.48	67.64	72.41
LTM Dividend per Share	15.84	15.84	15.84
(+) Excess Retained per Share	60.48	67.64	72.41
(=) Adjusted Dividend	76.32	83.47	88.24
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	3.41%	4.41%	5.41%
Fair Value	$1,965.47	$2,890.35	$4,615.47
Upside / Downside	105.16%	201.71%	381.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,601.86	1,672.46	1,746.17	1,823.12	1,903.47	1,987.36	2,046.98
Payout Ratio	16.60%	31.28%	45.96%	60.64%	75.32%	90.00%	92.50%
Projected Dividends (M)	265.94	523.17	802.56	1,105.55	1,433.70	1,788.63	1,893.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	3.41%	4.41%	5.41%
Year 1 PV (M)	482.35	487.02	491.68
Year 2 PV (M)	682.22	695.48	708.87
Year 3 PV (M)	866.47	891.85	917.73
Year 4 PV (M)	1,036.00	1,076.66	1,118.50
Year 5 PV (M)	1,191.64	1,250.38	1,311.42
PV of Terminal Value (M)	28,524.02	29,930.16	31,391.22
Equity Value (M)	32,782.70	34,331.55	35,939.42
Shares Outstanding (M)	16.79	16.79	16.79
Fair Value	$1,952.37	$2,044.61	$2,140.37
Upside / Downside	103.80%	113.43%	123.42%

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AGS Corporation (3648.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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