DDM Analysis: 4307.T

Valuation Snapshot

Stable Growth	$11,318.20 - $35,332.49	$33,111.72
Multi-Stage	$4,738.98 - $5,185.63	$4,958.21
Blended Fair Value	$19,034.96
Current Price	$5,673.00
Upside	235.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.42%	10.62%	58.21	48.20	44.33	39.57	35.48	33.90	37.34	36.38	31.93	28.75
YoY Growth	-	-	20.77%	8.71%	12.03%	11.52%	4.69%	-9.23%	2.66%	13.92%	11.08%	35.54%
Dividend Yield	-	-	1.01%	1.06%	1.12%	1.10%	0.97%	1.16%	2.09%	2.03%	2.16%	2.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	101,673.00
(-) Cash Dividends Paid (M)	36,053.00
(=) Cash Retained (M)	65,620.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20,334.60	12,709.13	7,625.48
Cash Retained (M)	65,620.00	65,620.00	65,620.00
(-) Cash Required (M)	-20,334.60	-12,709.13	-7,625.48
(=) Excess Retained (M)	45,285.40	52,910.88	57,994.53
(/) Shares Outstanding (M)	572.28	572.28	572.28
(=) Excess Retained per Share	79.13	92.46	101.34
LTM Dividend per Share	63.00	63.00	63.00
(+) Excess Retained per Share	79.13	92.46	101.34
(=) Adjusted Dividend	142.13	155.45	164.34
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11,318.20	$33,111.72	$35,332.49
Upside / Downside	99.51%	483.67%	522.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	101,673.00	108,281.75	115,320.06	122,815.86	130,798.89	139,300.82	143,479.85
Payout Ratio	35.46%	46.37%	57.28%	68.18%	79.09%	90.00%	92.50%
Projected Dividends (M)	36,053.00	50,207.87	66,050.55	83,740.65	103,451.40	125,370.74	132,718.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46,558.87	47,000.19	47,441.50
Year 2 PV (M)	56,798.61	57,880.47	58,972.53
Year 3 PV (M)	66,777.21	68,694.14	70,647.42
Year 4 PV (M)	76,499.57	79,441.52	82,467.53
Year 5 PV (M)	85,970.50	90,122.91	94,434.24
PV of Terminal Value (M)	2,379,436.10	2,494,363.76	2,613,689.96
Equity Value (M)	2,712,040.86	2,837,502.99	2,967,653.18
Shares Outstanding (M)	572.28	572.28	572.28
Fair Value	$4,738.98	$4,958.21	$5,185.63
Upside / Downside	-16.46%	-12.60%	-8.59%

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

Mode

Ticker

Industry

Sector

Nomura Research Institute, Ltd. (4307.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener