DDM Analysis: 4464.T

Valuation Snapshot

Stable Growth	$2,475.21 - $5,275.91	$3,520.46
Multi-Stage	$3,386.28 - $3,717.32	$3,548.66
Blended Fair Value	$3,534.56
Current Price	$1,611.00
Upside	119.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	11.92%	0.00%	42.90	39.75	36.76	37.96	25.03	24.42	0.00	0.00	0.00	0.00
YoY Growth	-	-	7.91%	8.15%	-3.17%	51.66%	2.48%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.66%	2.58%	2.65%	0.00%	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)	2,923.13
(-) Cash Dividends Paid (M)	933.03
(=) Cash Retained (M)	1,990.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	584.63	365.39	219.23
Cash Retained (M)	1,990.11	1,990.11	1,990.11
(-) Cash Required (M)	-584.63	-365.39	-219.23
(=) Excess Retained (M)	1,405.48	1,624.72	1,770.87
(/) Shares Outstanding (M)	21.54	21.54	21.54
(=) Excess Retained per Share	65.26	75.44	82.23
LTM Dividend per Share	43.32	43.32	43.32
(+) Excess Retained per Share	65.26	75.44	82.23
(=) Adjusted Dividend	108.59	118.77	125.55
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	2.01%	3.01%	4.01%
Fair Value	$2,475.21	$3,520.46	$5,275.91
Upside / Downside	53.64%	118.53%	227.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,923.13	3,011.14	3,101.79	3,195.18	3,291.37	3,390.47	3,492.18
Payout Ratio	31.92%	43.53%	55.15%	66.77%	78.38%	90.00%	92.50%
Projected Dividends (M)	933.03	1,310.90	1,710.68	2,133.34	2,579.90	3,051.42	3,230.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	2.01%	3.01%	4.01%
Year 1 PV (M)	1,219.10	1,231.05	1,243.00
Year 2 PV (M)	1,479.49	1,508.63	1,538.07
Year 3 PV (M)	1,715.83	1,766.79	1,818.74
Year 4 PV (M)	1,929.70	2,006.48	2,085.54
Year 5 PV (M)	2,122.55	2,228.65	2,338.95
PV of Terminal Value (M)	64,459.20	67,681.19	71,030.75
Equity Value (M)	72,925.87	76,422.80	80,055.05
Shares Outstanding (M)	21.54	21.54	21.54
Fair Value	$3,386.28	$3,548.66	$3,717.32
Upside / Downside	110.20%	120.28%	130.75%

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SOFT99corporation (4464.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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