DDM Analysis: 3197.T

Valuation Snapshot

Stable Growth	$729.06 - $1,139.52	$918.07
Multi-Stage	$1,626.54 - $1,792.02	$1,707.65
Blended Fair Value	$1,312.86
Current Price	$3,059.00
Upside	-57.08%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.67%	0.00%	14.44	0.03	12.00	0.07	8.73	26.86	32.83	33.45	30.91	21.64
YoY Growth	-	-	46,842.86%	-99.74%	15,958.82%	-99.14%	-67.50%	-18.21%	-1.83%	8.19%	42.83%	0.00%
Dividend Yield	-	-	0.48%	0.00%	0.69%	0.00%	0.53%	1.68%	1.80%	2.18%	1.90%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,223.00
(-) Cash Dividends Paid (M)	4,339.00
(=) Cash Retained (M)	12,884.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,444.60	2,152.88	1,291.73
Cash Retained (M)	12,884.00	12,884.00	12,884.00
(-) Cash Required (M)	-3,444.60	-2,152.88	-1,291.73
(=) Excess Retained (M)	9,439.40	10,731.13	11,592.28
(/) Shares Outstanding (M)	227.50	227.50	227.50
(=) Excess Retained per Share	41.49	47.17	50.95
LTM Dividend per Share	19.07	19.07	19.07
(+) Excess Retained per Share	41.49	47.17	50.95
(=) Adjusted Dividend	60.56	66.24	70.03
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-1.80%	-0.80%	0.20%
Fair Value	$729.06	$918.07	$1,139.52
Upside / Downside	-76.17%	-69.99%	-62.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,223.00	17,085.53	16,949.15	16,813.87	16,679.66	16,546.52	17,042.92
Payout Ratio	25.19%	38.15%	51.12%	64.08%	77.04%	90.00%	92.50%
Projected Dividends (M)	4,339.00	6,518.89	8,663.70	10,773.86	12,849.78	14,891.87	15,764.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-1.80%	-0.80%	0.20%
Year 1 PV (M)	6,067.32	6,129.11	6,190.89
Year 2 PV (M)	7,505.00	7,658.62	7,813.81
Year 3 PV (M)	8,686.44	8,954.52	9,228.06
Year 4 PV (M)	9,642.51	10,041.31	10,452.36
Year 5 PV (M)	10,400.81	10,941.27	11,503.96
PV of Terminal Value (M)	327,738.53	344,768.85	362,499.88
Equity Value (M)	370,040.61	388,493.68	407,688.96
Shares Outstanding (M)	227.50	227.50	227.50
Fair Value	$1,626.54	$1,707.65	$1,792.02
Upside / Downside	-46.83%	-44.18%	-41.42%

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Skylark Holdings Co., Ltd. (3197.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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