DDM Analysis: 4687.T

Valuation Snapshot

Stable Growth	$1,715.94 - $4,207.96	$2,559.51
Multi-Stage	$1,189.86 - $1,300.43	$1,244.14
Blended Fair Value	$1,901.82
Current Price	$1,341.00
Upside	41.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.34%	22.36%	24.36	15.40	23.29	12.47	12.47	11.43	9.09	8.18	5.11	3.58
YoY Growth	-	-	58.12%	-33.85%	86.77%	0.00%	9.09%	25.71%	11.19%	60.00%	42.86%	10.53%
Dividend Yield	-	-	1.82%	1.27%	2.59%	2.35%	2.50%	2.29%	2.07%	1.98%	1.62%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,689.10
(-) Cash Dividends Paid (M)	573.93
(=) Cash Retained (M)	3,115.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	737.82	461.14	276.68
Cash Retained (M)	3,115.16	3,115.16	3,115.16
(-) Cash Required (M)	-737.82	-461.14	-276.68
(=) Excess Retained (M)	2,377.35	2,654.03	2,838.48
(/) Shares Outstanding (M)	47.14	47.14	47.14
(=) Excess Retained per Share	50.43	56.30	60.22
LTM Dividend per Share	12.18	12.18	12.18
(+) Excess Retained per Share	50.43	56.30	60.22
(=) Adjusted Dividend	62.61	68.48	72.39
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,715.94	$2,559.51	$4,207.96
Upside / Downside	27.96%	90.87%	213.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,689.10	3,928.89	4,184.26	4,456.24	4,745.90	5,054.38	5,206.01
Payout Ratio	15.56%	30.45%	45.33%	60.22%	75.11%	90.00%	92.50%
Projected Dividends (M)	573.93	1,196.19	1,896.92	2,683.68	3,564.72	4,548.94	4,815.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,083.64	1,093.91	1,104.19
Year 2 PV (M)	1,556.76	1,586.41	1,616.34
Year 3 PV (M)	1,995.22	2,052.49	2,110.86
Year 4 PV (M)	2,400.88	2,493.21	2,588.18
Year 5 PV (M)	2,775.51	2,909.57	3,048.76
PV of Terminal Value (M)	46,274.99	48,510.09	50,830.73
Equity Value (M)	56,087.00	58,645.68	61,299.05
Shares Outstanding (M)	47.14	47.14	47.14
Fair Value	$1,189.86	$1,244.14	$1,300.43
Upside / Downside	-11.27%	-7.22%	-3.03%

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

TDC SOFT Inc. (4687.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener