DDM Analysis: 9252.T

Valuation Snapshot

Stable Growth	$1,948.32 - $2,934.38	$2,414.21
Multi-Stage	$3,758.69 - $4,142.59	$3,946.85
Blended Fair Value	$3,180.53
Current Price	$3,955.00
Upside	-19.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	10.68	0.00	0.00	22.62	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.00%	0.00%	2.29%	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)	673.90
(-) Cash Dividends Paid (M)	31.38
(=) Cash Retained (M)	642.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	134.78	84.24	50.54
Cash Retained (M)	642.52	642.52	642.52
(-) Cash Required (M)	-134.78	-84.24	-50.54
(=) Excess Retained (M)	507.74	558.28	591.97
(/) Shares Outstanding (M)	2.94	2.94	2.94
(=) Excess Retained per Share	172.87	190.07	201.55
LTM Dividend per Share	10.68	10.68	10.68
(+) Excess Retained per Share	172.87	190.07	201.55
(=) Adjusted Dividend	183.55	200.76	212.23
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,948.32	$2,414.21	$2,934.38
Upside / Downside	-50.74%	-38.96%	-25.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	673.90	667.16	660.49	653.88	647.35	640.87	660.10
Payout Ratio	4.66%	21.73%	38.79%	55.86%	72.93%	90.00%	92.50%
Projected Dividends (M)	31.38	144.94	256.23	365.28	472.12	576.78	610.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	133.80	135.17	136.53
Year 2 PV (M)	218.35	222.83	227.36
Year 3 PV (M)	287.35	296.24	305.31
Year 4 PV (M)	342.85	357.06	371.71
Year 5 PV (M)	386.66	406.80	427.76
PV of Terminal Value (M)	9,670.83	10,174.42	10,698.76
Equity Value (M)	11,039.86	11,592.52	12,167.43
Shares Outstanding (M)	2.94	2.94	2.94
Fair Value	$3,758.69	$3,946.85	$4,142.59
Upside / Downside	-4.96%	-0.21%	4.74%

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Last One Mile Co.,Ltd. (9252.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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