DDM Analysis: 6571.T

Valuation Snapshot

Stable Growth	$2,594.79 - $14,564.25	$4,736.25
Multi-Stage	$2,150.67 - $2,356.07	$2,251.46
Blended Fair Value	$3,493.86
Current Price	$1,361.00
Upside	156.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.36%	0.00%	26.44	19.42	9.71	0.00	0.00	17.70	16.51	0.00	0.00	0.00
YoY Growth	-	-	36.15%	100.00%	0.00%	0.00%	-100.00%	7.24%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.94%	1.79%	0.60%	0.00%	0.00%	0.96%	0.73%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,057.00
(-) Cash Dividends Paid (M)	461.00
(=) Cash Retained (M)	596.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	211.40	132.13	79.28
Cash Retained (M)	596.00	596.00	596.00
(-) Cash Required (M)	-211.40	-132.13	-79.28
(=) Excess Retained (M)	384.60	463.88	516.73
(/) Shares Outstanding (M)	13.39	13.39	13.39
(=) Excess Retained per Share	28.73	34.65	38.60
LTM Dividend per Share	34.43	34.43	34.43
(+) Excess Retained per Share	28.73	34.65	38.60
(=) Adjusted Dividend	63.16	69.08	73.03
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	4.00%	5.00%	6.00%
Fair Value	$2,594.79	$4,736.25	$14,564.25
Upside / Downside	90.65%	248.00%	970.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,057.00	1,109.83	1,165.30	1,223.54	1,284.69	1,348.90	1,389.37
Payout Ratio	43.61%	52.89%	62.17%	71.45%	80.72%	90.00%	92.50%
Projected Dividends (M)	461.00	587.00	724.45	874.17	1,037.04	1,214.01	1,285.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	4.00%	5.00%	6.00%
Year 1 PV (M)	545.77	551.02	556.27
Year 2 PV (M)	626.26	638.36	650.58
Year 3 PV (M)	702.61	723.08	743.93
Year 4 PV (M)	774.98	805.22	836.34
Year 5 PV (M)	843.51	884.86	927.80
PV of Terminal Value (M)	25,299.46	26,539.42	27,827.53
Equity Value (M)	28,792.60	30,141.96	31,542.45
Shares Outstanding (M)	13.39	13.39	13.39
Fair Value	$2,150.67	$2,251.46	$2,356.07
Upside / Downside	58.02%	65.43%	73.11%

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QB Net Holdings Co.,Ltd. (6571.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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