DDM Analysis: 4432.T

Valuation Snapshot

Stable Growth	$1,261.56 - $1,889.51	$1,559.41
Multi-Stage	$2,532.01 - $2,780.06	$2,653.63
Blended Fair Value	$2,106.52
Current Price	$3,290.00
Upside	-35.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2013
DPS	0.00%	0.00%	86.80	54.67	42.52	41.11	0.00	0.00	40.39	82.57	0.00	18.93
YoY Growth	-	-	58.77%	28.57%	3.45%	0.00%	0.00%	-100.00%	-51.09%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	2.29%	1.92%	1.79%	2.94%	0.00%	0.00%	2.04%	4.17%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,270.67
(-) Cash Dividends Paid (M)	3,610.70
(=) Cash Retained (M)	1,659.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,054.13	658.83	395.30
Cash Retained (M)	1,659.97	1,659.97	1,659.97
(-) Cash Required (M)	-1,054.13	-658.83	-395.30
(=) Excess Retained (M)	605.83	1,001.13	1,264.67
(/) Shares Outstanding (M)	34.76	34.76	34.76
(=) Excess Retained per Share	17.43	28.80	36.38
LTM Dividend per Share	103.87	103.87	103.87
(+) Excess Retained per Share	17.43	28.80	36.38
(=) Adjusted Dividend	121.30	132.67	140.25
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,261.56	$1,559.41	$1,889.51
Upside / Downside	-61.65%	-52.60%	-42.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,270.67	5,217.96	5,165.78	5,114.13	5,062.98	5,012.35	5,162.73
Payout Ratio	68.51%	72.80%	77.10%	81.40%	85.70%	90.00%	92.50%
Projected Dividends (M)	3,610.70	3,798.91	3,982.99	4,163.01	4,339.03	4,511.12	4,775.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,500.70	3,536.42	3,572.14
Year 2 PV (M)	3,382.21	3,451.59	3,521.67
Year 3 PV (M)	3,257.58	3,358.32	3,461.12
Year 4 PV (M)	3,128.78	3,258.46	3,392.12
Year 5 PV (M)	2,997.52	3,153.61	3,316.13
PV of Terminal Value (M)	71,751.37	75,487.63	79,377.94
Equity Value (M)	88,018.16	92,246.02	96,641.12
Shares Outstanding (M)	34.76	34.76	34.76
Fair Value	$2,532.01	$2,653.63	$2,780.06
Upside / Downside	-23.04%	-19.34%	-15.50%

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WingArc1st Inc. (4432.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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