DDM Analysis: 6409.T

Valuation Snapshot

Stable Growth	$5,745.15 - $24,048.63	$9,900.64
Multi-Stage	$4,212.89 - $4,617.53	$4,411.45
Blended Fair Value	$7,156.05
Current Price	$2,718.00
Upside	163.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	4.75%	12.23%	31.15	27.97	37.15	29.37	22.31	24.70	26.33	24.78	12.26	9.79
YoY Growth	-	-	11.40%	-24.72%	26.49%	31.63%	-9.68%	-6.20%	6.28%	102.17%	25.19%	-0.39%
Dividend Yield	-	-	1.18%	1.67%	2.75%	1.71%	1.05%	2.15%	3.26%	2.08%	1.00%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,041.00
(-) Cash Dividends Paid (M)	246.00
(=) Cash Retained (M)	4,795.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,008.20	630.13	378.08
Cash Retained (M)	4,795.00	4,795.00	4,795.00
(-) Cash Required (M)	-1,008.20	-630.13	-378.08
(=) Excess Retained (M)	3,786.80	4,164.88	4,416.93
(/) Shares Outstanding (M)	26.35	26.35	26.35
(=) Excess Retained per Share	143.69	158.04	167.60
LTM Dividend per Share	9.33	9.33	9.33
(+) Excess Retained per Share	143.69	158.04	167.60
(=) Adjusted Dividend	153.03	167.38	176.94
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	4.51%	5.51%	6.51%
Fair Value	$5,745.15	$9,900.64	$24,048.63
Upside / Downside	111.37%	264.26%	784.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,041.00	5,318.52	5,611.32	5,920.24	6,246.17	6,590.04	6,787.74
Payout Ratio	4.88%	21.90%	38.93%	55.95%	72.98%	90.00%	92.50%
Projected Dividends (M)	246.00	1,164.97	2,184.38	3,312.49	4,558.21	5,931.04	6,278.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	4.51%	5.51%	6.51%
Year 1 PV (M)	1,075.53	1,085.82	1,096.12
Year 2 PV (M)	1,861.85	1,897.66	1,933.80
Year 3 PV (M)	2,606.65	2,682.20	2,759.19
Year 4 PV (M)	3,311.54	3,440.13	3,572.42
Year 5 PV (M)	3,978.11	4,172.11	4,373.62
PV of Terminal Value (M)	98,189.40	102,977.99	107,951.61
Equity Value (M)	111,023.08	116,255.90	121,686.75
Shares Outstanding (M)	26.35	26.35	26.35
Fair Value	$4,212.89	$4,411.45	$4,617.53
Upside / Downside	55.00%	62.31%	69.89%

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

KITO Corporation (6409.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener