DDM Analysis: 4423.T

Valuation Snapshot

Stable Growth	$1,051.27 - $1,612.73	$1,313.17
Multi-Stage	$2,312.56 - $2,544.14	$2,426.08
Blended Fair Value	$1,869.62
Current Price	$1,970.00
Upside	-5.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	61.66	84.36	53.03	26.21	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-26.92%	59.10%	102.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.13%	6.90%	2.94%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,800.00
(-) Cash Dividends Paid (M)	3,023.00
(=) Cash Retained (M)	2,777.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,160.00	725.00	435.00
Cash Retained (M)	2,777.00	2,777.00	2,777.00
(-) Cash Required (M)	-1,160.00	-725.00	-435.00
(=) Excess Retained (M)	1,617.00	2,052.00	2,342.00
(/) Shares Outstanding (M)	49.94	49.94	49.94
(=) Excess Retained per Share	32.38	41.09	46.90
LTM Dividend per Share	60.53	60.53	60.53
(+) Excess Retained per Share	32.38	41.09	46.90
(=) Adjusted Dividend	92.91	101.62	107.43
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,051.27	$1,313.17	$1,612.73
Upside / Downside	-46.64%	-33.34%	-18.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,800.00	5,742.00	5,684.58	5,627.73	5,571.46	5,515.74	5,681.21
Payout Ratio	52.12%	59.70%	67.27%	74.85%	82.42%	90.00%	92.50%
Projected Dividends (M)	3,023.00	3,427.78	3,824.15	4,212.26	4,592.23	4,964.17	5,255.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,181.23	3,213.70	3,246.16
Year 2 PV (M)	3,293.83	3,361.40	3,429.65
Year 3 PV (M)	3,367.17	3,471.30	3,577.56
Year 4 PV (M)	3,406.87	3,548.07	3,693.62
Year 5 PV (M)	3,417.92	3,595.90	3,781.22
PV of Terminal Value (M)	98,818.98	103,964.71	109,322.61
Equity Value (M)	115,486.02	121,155.09	127,050.81
Shares Outstanding (M)	49.94	49.94	49.94
Fair Value	$2,312.56	$2,426.08	$2,544.14
Upside / Downside	17.39%	23.15%	29.14%

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

ARTERIA Networks Corporation (4423.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener