DDM Analysis: 3687.T

Valuation Snapshot

Stable Growth	$2,875.77 - $13,027.59	$6,617.04
Multi-Stage	$1,491.46 - $1,631.55	$1,560.23
Blended Fair Value	$4,088.63
Current Price	$2,046.00
Upside	99.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.58%	28.59%	12.98	9.95	5.03	6.09	7.68	7.18	5.14	4.78	4.09	2.39
YoY Growth	-	-	30.53%	97.69%	-17.39%	-20.65%	6.93%	39.58%	7.63%	16.76%	71.33%	127.48%
Dividend Yield	-	-	0.61%	0.77%	0.41%	0.68%	0.82%	0.46%	0.52%	0.41%	0.57%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,111.35
(-) Cash Dividends Paid (M)	610.00
(=) Cash Retained (M)	1,501.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	422.27	263.92	158.35
Cash Retained (M)	1,501.35	1,501.35	1,501.35
(-) Cash Required (M)	-422.27	-263.92	-158.35
(=) Excess Retained (M)	1,079.08	1,237.43	1,343.00
(/) Shares Outstanding (M)	32.23	32.23	32.23
(=) Excess Retained per Share	33.48	38.39	41.67
LTM Dividend per Share	18.93	18.93	18.93
(+) Excess Retained per Share	33.48	38.39	41.67
(=) Adjusted Dividend	52.41	57.32	60.59
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,875.77	$6,617.04	$13,027.59
Upside / Downside	40.56%	223.41%	536.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,111.35	2,248.58	2,394.74	2,550.40	2,716.18	2,892.73	2,979.51
Payout Ratio	28.89%	41.11%	53.33%	65.56%	77.78%	90.00%	92.50%
Projected Dividends (M)	610.00	924.47	1,277.23	1,671.96	2,112.60	2,603.46	2,756.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	852.51	860.59	868.67
Year 2 PV (M)	1,086.14	1,106.83	1,127.71
Year 3 PV (M)	1,311.13	1,348.77	1,387.12
Year 4 PV (M)	1,527.73	1,586.48	1,646.91
Year 5 PV (M)	1,736.15	1,820.01	1,907.07
PV of Terminal Value (M)	41,557.92	43,565.18	45,649.27
Equity Value (M)	48,071.58	50,287.86	52,586.76
Shares Outstanding (M)	32.23	32.23	32.23
Fair Value	$1,491.46	$1,560.23	$1,631.55
Upside / Downside	-27.10%	-23.74%	-20.26%

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WNC	Wabash National Corporation	3.73%	$0.33	5.38%
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FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
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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%
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PCB	PCB Bancorp	3.61%	$0.78	31.72%
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NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
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Fixstars Corporation (3687.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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