DDM Analysis: 3242.T

Valuation Snapshot

Stable Growth	$10,839.13 - $21,811.02	$20,440.12
Multi-Stage	$3,300.80 - $3,616.71	$3,455.84
Blended Fair Value	$11,947.98
Current Price	$572.00
Upside	1,988.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.42%	9.98%	20.62	18.68	16.70	16.73	15.75	17.43	11.91	14.09	13.32	11.04
YoY Growth	-	-	10.38%	11.88%	-0.18%	6.20%	-9.64%	46.37%	-15.50%	5.82%	20.60%	38.66%
Dividend Yield	-	-	3.60%	4.88%	4.23%	5.58%	5.03%	6.41%	2.90%	4.03%	3.80%	3.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,704.84
(-) Cash Dividends Paid (M)	360.00
(=) Cash Retained (M)	3,344.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	740.97	463.11	277.86
Cash Retained (M)	3,344.84	3,344.84	3,344.84
(-) Cash Required (M)	-740.97	-463.11	-277.86
(=) Excess Retained (M)	2,603.87	2,881.74	3,066.98
(/) Shares Outstanding (M)	33.78	33.78	33.78
(=) Excess Retained per Share	77.08	85.31	90.79
LTM Dividend per Share	10.66	10.66	10.66
(+) Excess Retained per Share	77.08	85.31	90.79
(=) Adjusted Dividend	87.74	95.96	101.45
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,839.13	$20,440.12	$21,811.02
Upside / Downside	1,794.95%	3,473.45%	3,713.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,704.84	3,945.66	4,202.12	4,475.26	4,766.15	5,075.95	5,228.23
Payout Ratio	9.72%	25.77%	41.83%	57.89%	73.94%	90.00%	92.50%
Projected Dividends (M)	360.00	1,016.94	1,757.76	2,590.59	3,524.26	4,568.36	4,836.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	947.20	956.18	965.16
Year 2 PV (M)	1,524.96	1,554.00	1,583.32
Year 3 PV (M)	2,093.37	2,153.46	2,214.69
Year 4 PV (M)	2,652.55	2,754.56	2,859.49
Year 5 PV (M)	3,202.62	3,357.31	3,517.92
PV of Terminal Value (M)	101,084.09	105,966.49	111,035.75
Equity Value (M)	111,504.79	116,742.00	122,176.33
Shares Outstanding (M)	33.78	33.78	33.78
Fair Value	$3,300.80	$3,455.84	$3,616.71
Upside / Downside	477.06%	504.17%	532.29%

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Urbanet Corporation Co.,Ltd. (3242.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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