DDM Analysis: 2471.T

Valuation Snapshot

Stable Growth	$1,373.28 - $4,580.35	$4,292.45
Multi-Stage	$603.08 - $659.66	$630.85
Blended Fair Value	$2,461.65
Current Price	$320.00
Upside	669.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	58.77%	0.00%	10.02	8.03	6.01	3.30	2.00	0.99	0.71	0.38	0.38	0.38
YoY Growth	-	-	24.72%	33.69%	82.24%	64.97%	101.28%	39.29%	86.85%	0.76%	0.49%	0.00%
Dividend Yield	-	-	3.30%	2.48%	0.93%	0.33%	0.20%	0.15%	0.19%	0.20%	0.64%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,809.00
(-) Cash Dividends Paid (M)	789.00
(=) Cash Retained (M)	1,020.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	361.80	226.13	135.68
Cash Retained (M)	1,020.00	1,020.00	1,020.00
(-) Cash Required (M)	-361.80	-226.13	-135.68
(=) Excess Retained (M)	658.20	793.88	884.33
(/) Shares Outstanding (M)	78.55	78.55	78.55
(=) Excess Retained per Share	8.38	10.11	11.26
LTM Dividend per Share	10.05	10.05	10.05
(+) Excess Retained per Share	8.38	10.11	11.26
(=) Adjusted Dividend	18.43	20.15	21.30
WACC / Discount Rate	6.92%	6.92%	6.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,373.28	$4,292.45	$4,580.35
Upside / Downside	329.15%	1,241.39%	1,331.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,809.00	1,926.59	2,051.81	2,185.18	2,327.22	2,478.49	2,552.84
Payout Ratio	43.62%	52.89%	62.17%	71.45%	80.72%	90.00%	92.50%
Projected Dividends (M)	789.00	1,019.01	1,275.59	1,561.23	1,878.60	2,230.64	2,361.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.92%	6.92%	6.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	944.15	953.10	962.05
Year 2 PV (M)	1,095.06	1,115.92	1,136.97
Year 3 PV (M)	1,241.80	1,277.45	1,313.77
Year 4 PV (M)	1,384.47	1,437.71	1,492.48
Year 5 PV (M)	1,523.14	1,596.71	1,673.09
PV of Terminal Value (M)	41,180.57	43,169.60	45,234.77
Equity Value (M)	47,369.19	49,550.50	51,813.13
Shares Outstanding (M)	78.55	78.55	78.55
Fair Value	$603.08	$630.85	$659.66
Upside / Downside	88.46%	97.14%	106.14%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Ticker

Industry

Sector

S-Pool, Inc. (2471.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener