DDM Analysis: 7115.T

Valuation Snapshot

Stable Growth	$899.13 - $1,385.30	$1,125.23
Multi-Stage	$1,976.80 - $2,177.67	$2,075.25
Blended Fair Value	$1,600.24
Current Price	$2,767.00
Upside	-42.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	21.25	14.18	10.27	5.47	5.27	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	49.86%	38.05%	87.88%	3.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.06%	1.28%	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	974.97
(-) Cash Dividends Paid (M)	263.23
(=) Cash Retained (M)	711.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.99	121.87	73.12
Cash Retained (M)	711.74	711.74	711.74
(-) Cash Required (M)	-194.99	-121.87	-73.12
(=) Excess Retained (M)	516.74	589.87	638.62
(/) Shares Outstanding (M)	9.96	9.96	9.96
(=) Excess Retained per Share	51.90	59.25	64.15
LTM Dividend per Share	26.44	26.44	26.44
(+) Excess Retained per Share	51.90	59.25	64.15
(=) Adjusted Dividend	78.34	85.69	90.59
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$899.13	$1,125.23	$1,385.30
Upside / Downside	-67.51%	-59.33%	-49.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	974.97	965.22	955.57	946.01	936.55	927.19	955.00
Payout Ratio	27.00%	39.60%	52.20%	64.80%	77.40%	90.00%	92.50%
Projected Dividends (M)	263.23	382.22	498.80	613.01	724.89	834.47	883.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	355.14	358.76	362.38
Year 2 PV (M)	430.62	439.45	448.37
Year 3 PV (M)	491.72	506.92	522.44
Year 4 PV (M)	540.26	562.65	585.73
Year 5 PV (M)	577.86	607.95	639.28
PV of Terminal Value (M)	17,284.89	18,184.96	19,122.13
Equity Value (M)	19,680.47	20,660.68	21,680.33
Shares Outstanding (M)	9.96	9.96	9.96
Fair Value	$1,976.80	$2,075.25	$2,177.67
Upside / Downside	-28.56%	-25.00%	-21.30%

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Alpha Purchase Co., Ltd. (7115.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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