DDM Analysis: 8848.T

Valuation Snapshot

Stable Growth	$259.50 - $401.48	$325.34
Multi-Stage	$582.47 - $641.74	$611.52
Blended Fair Value	$468.43
Current Price	$714.00
Upside	-34.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	7.56	0.00	0.00	0.00	0.00	0.00	7.06	13.25	12.27	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-46.70%	7.95%	0.00%	0.00%
Dividend Yield	-	-	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	2.50%	2.18%	1.76%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,943.00
(-) Cash Dividends Paid (M)	3,238.00
(=) Cash Retained (M)	8,705.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,388.60	1,492.88	895.73
Cash Retained (M)	8,705.00	8,705.00	8,705.00
(-) Cash Required (M)	-2,388.60	-1,492.88	-895.73
(=) Excess Retained (M)	6,316.40	7,212.13	7,809.28
(/) Shares Outstanding (M)	428.30	428.30	428.30
(=) Excess Retained per Share	14.75	16.84	18.23
LTM Dividend per Share	7.56	7.56	7.56
(+) Excess Retained per Share	14.75	16.84	18.23
(=) Adjusted Dividend	22.31	24.40	25.79
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$259.50	$325.34	$401.48
Upside / Downside	-63.66%	-54.43%	-43.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,943.00	11,823.57	11,705.33	11,588.28	11,472.40	11,357.67	11,698.40
Payout Ratio	27.11%	39.69%	52.27%	64.84%	77.42%	90.00%	92.50%
Projected Dividends (M)	3,238.00	4,692.74	6,118.06	7,514.40	8,882.21	10,221.91	10,821.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,364.92	4,409.46	4,454.00
Year 2 PV (M)	5,293.13	5,401.71	5,511.38
Year 3 PV (M)	6,047.04	6,234.05	6,424.88
Year 4 PV (M)	6,648.43	6,923.97	7,208.00
Year 5 PV (M)	7,116.71	7,487.30	7,873.16
PV of Terminal Value (M)	220,001.83	231,457.83	243,386.18
Equity Value (M)	249,472.06	261,914.32	274,857.59
Shares Outstanding (M)	428.30	428.30	428.30
Fair Value	$582.47	$611.52	$641.74
Upside / Downside	-18.42%	-14.35%	-10.12%

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Leopalace21 Corporation (8848.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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