DDM Analysis: 6067.T

Valuation Snapshot

Stable Growth	$2,629.14 - $3,097.58	$2,902.88
Multi-Stage	$1,463.74 - $1,605.67	$1,533.38
Blended Fair Value	$2,218.13
Current Price	$30.11
Upside	7,266.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	13.08%	0.00%	7.73	6.93	6.40	5.91	4.67	4.18	3.38	3.01	2.51	0.00
YoY Growth	-	-	11.51%	8.28%	8.27%	26.66%	11.68%	23.74%	12.31%	19.80%	0.00%	0.00%
Dividend Yield	-	-	23.70%	28.64%	30.54%	52.57%	13.08%	54.75%	64.93%	63.42%	28.26%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,704.00
(-) Cash Dividends Paid (M)	8,237.00
(=) Cash Retained (M)	7,467.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,140.80	1,963.00	1,177.80
Cash Retained (M)	7,467.00	7,467.00	7,467.00
(-) Cash Required (M)	-3,140.80	-1,963.00	-1,177.80
(=) Excess Retained (M)	4,326.20	5,504.00	6,289.20
(/) Shares Outstanding (M)	1,008.25	1,008.25	1,008.25
(=) Excess Retained per Share	4.29	5.46	6.24
LTM Dividend per Share	8.17	8.17	8.17
(+) Excess Retained per Share	4.29	5.46	6.24
(=) Adjusted Dividend	12.46	13.63	14.41
WACC / Discount Rate	4.13%	4.13%	4.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,629.14	$2,902.88	$3,097.58
Upside / Downside	8,631.80%	9,540.93%	10,187.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,704.00	16,724.76	17,811.87	18,969.64	20,202.67	21,515.84	22,161.32
Payout Ratio	52.45%	59.96%	67.47%	74.98%	82.49%	90.00%	92.50%
Projected Dividends (M)	8,237.00	10,028.38	12,017.84	14,223.56	16,665.25	19,364.26	20,499.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.13%	4.13%	4.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,540.27	9,630.70	9,721.13
Year 2 PV (M)	10,876.43	11,083.59	11,292.71
Year 3 PV (M)	12,246.10	12,597.64	12,955.85
Year 4 PV (M)	13,649.96	14,174.89	14,714.83
Year 5 PV (M)	15,088.65	15,817.43	16,574.11
PV of Terminal Value (M)	1,414,410.17	1,482,726.71	1,553,657.89
Equity Value (M)	1,475,811.57	1,546,030.97	1,618,916.52
Shares Outstanding (M)	1,008.25	1,008.25	1,008.25
Fair Value	$1,463.74	$1,533.38	$1,605.67
Upside / Downside	4,761.29%	4,992.60%	5,232.68%

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Impact HD Inc. (6067.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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