DDM Analysis: 4483.T

Valuation Snapshot

Stable Growth	$901.86 - $1,336.06	$1,109.41
Multi-Stage	$1,627.12 - $1,791.30	$1,707.60
Blended Fair Value	$1,408.50
Current Price	$4,480.00
Upside	-68.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	13.84	11.42	8.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	21.22%	33.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.35%	0.36%	0.15%	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)	7,461.00
(-) Cash Dividends Paid (M)	1,045.00
(=) Cash Retained (M)	6,416.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,492.20	932.63	559.58
Cash Retained (M)	6,416.00	6,416.00	6,416.00
(-) Cash Required (M)	-1,492.20	-932.63	-559.58
(=) Excess Retained (M)	4,923.80	5,483.38	5,856.43
(/) Shares Outstanding (M)	66.02	66.02	66.02
(=) Excess Retained per Share	74.58	83.05	88.70
LTM Dividend per Share	15.83	15.83	15.83
(+) Excess Retained per Share	74.58	83.05	88.70
(=) Adjusted Dividend	90.41	98.88	104.53
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$901.86	$1,109.41	$1,336.06
Upside / Downside	-79.87%	-75.24%	-70.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,461.00	7,386.39	7,312.53	7,239.40	7,167.01	7,095.34	7,308.20
Payout Ratio	14.01%	29.20%	44.40%	59.60%	74.80%	90.00%	92.50%
Projected Dividends (M)	1,045.00	2,157.19	3,247.03	4,314.86	5,361.01	6,385.80	6,760.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.82%	7.82%	7.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,980.45	2,000.66	2,020.87
Year 2 PV (M)	2,736.77	2,792.90	2,849.61
Year 3 PV (M)	3,338.83	3,442.08	3,547.44
Year 4 PV (M)	3,808.46	3,966.30	4,129.00
Year 5 PV (M)	4,164.79	4,381.67	4,607.48
PV of Terminal Value (M)	91,395.87	96,155.06	101,110.48
Equity Value (M)	107,425.16	112,738.67	118,264.88
Shares Outstanding (M)	66.02	66.02	66.02
Fair Value	$1,627.12	$1,707.60	$1,791.30
Upside / Downside	-63.68%	-61.88%	-60.02%

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JMDC Inc. (4483.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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