DDM Analysis: 7738.TWO

Valuation Snapshot

Stable Growth	$121.70 - $184.42	$151.20
Multi-Stage	$250.02 - $275.09	$262.31
Blended Fair Value	$206.76
Current Price	$232.00
Upside	-10.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	2.00	0.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	400.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.25%	0.19%	0.00%	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)	348.92
(-) Cash Dividends Paid (M)	136.71
(=) Cash Retained (M)	212.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.78	43.61	26.17
Cash Retained (M)	212.21	212.21	212.21
(-) Cash Required (M)	-69.78	-43.61	-26.17
(=) Excess Retained (M)	142.43	168.60	186.04
(/) Shares Outstanding (M)	24.89	24.89	24.89
(=) Excess Retained per Share	5.72	6.77	7.47
LTM Dividend per Share	5.49	5.49	5.49
(+) Excess Retained per Share	5.72	6.77	7.47
(=) Adjusted Dividend	11.22	12.27	12.97
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$121.70	$151.20	$184.42
Upside / Downside	-47.55%	-34.83%	-20.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	348.92	345.43	341.98	338.56	335.17	331.82	341.77
Payout Ratio	39.18%	49.34%	59.51%	69.67%	79.84%	90.00%	92.50%
Projected Dividends (M)	136.71	170.45	203.50	235.88	267.59	298.64	316.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	157.64	159.25	160.86
Year 2 PV (M)	174.07	177.64	181.25
Year 3 PV (M)	186.61	192.38	198.27
Year 4 PV (M)	195.79	203.90	212.26
Year 5 PV (M)	202.09	212.61	223.57
PV of Terminal Value (M)	5,306.60	5,582.93	5,870.65
Equity Value (M)	6,222.80	6,528.71	6,846.86
Shares Outstanding (M)	24.89	24.89	24.89
Fair Value	$250.02	$262.31	$275.09
Upside / Downside	7.77%	13.07%	18.58%

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Eui (7738.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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