DDM Analysis: 3843.T

Valuation Snapshot

Stable Growth	$6,236.25 - $26,962.82	$15,133.04
Multi-Stage	$3,128.56 - $3,424.06	$3,273.60
Blended Fair Value	$9,203.32
Current Price	$1,517.00
Upside	506.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	28.11%	14.78%	26.51	7.85	6.95	7.22	7.54	7.68	7.69	7.75	7.68	7.73
YoY Growth	-	-	237.72%	12.97%	-3.75%	-4.28%	-1.83%	-0.06%	-0.87%	0.99%	-0.69%	15.73%
Dividend Yield	-	-	1.75%	0.57%	0.59%	0.81%	0.97%	1.04%	0.70%	0.75%	0.86%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,749.30
(-) Cash Dividends Paid (M)	537.00
(=) Cash Retained (M)	2,212.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	549.86	343.66	206.20
Cash Retained (M)	2,212.30	2,212.30	2,212.30
(-) Cash Required (M)	-549.86	-343.66	-206.20
(=) Excess Retained (M)	1,662.44	1,868.63	2,006.10
(/) Shares Outstanding (M)	20.28	20.28	20.28
(=) Excess Retained per Share	81.98	92.15	98.93
LTM Dividend per Share	26.48	26.48	26.48
(+) Excess Retained per Share	81.98	92.15	98.93
(=) Adjusted Dividend	108.46	118.63	125.41
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,236.25	$15,133.04	$26,962.82
Upside / Downside	311.09%	897.56%	1,677.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,749.30	2,928.00	3,118.32	3,321.01	3,536.88	3,766.77	3,879.78
Payout Ratio	19.53%	33.63%	47.72%	61.81%	75.91%	90.00%	92.50%
Projected Dividends (M)	537.00	984.56	1,488.04	2,052.81	2,684.72	3,390.10	3,588.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	908.67	917.28	925.90
Year 2 PV (M)	1,267.47	1,291.62	1,315.99
Year 3 PV (M)	1,613.75	1,660.07	1,707.28
Year 4 PV (M)	1,947.81	2,022.72	2,099.76
Year 5 PV (M)	2,269.98	2,379.62	2,493.46
PV of Terminal Value (M)	55,434.85	58,112.37	60,892.37
Equity Value (M)	63,442.53	66,383.68	69,434.75
Shares Outstanding (M)	20.28	20.28	20.28
Fair Value	$3,128.56	$3,273.60	$3,424.06
Upside / Downside	106.23%	115.79%	125.71%

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FreeBit Co., Ltd. (3843.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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