DDM Analysis: 7472.T

Valuation Snapshot

Stable Growth	$8,114.92 - $23,880.43	$12,797.62
Multi-Stage	$8,431.49 - $9,251.18	$8,833.62
Blended Fair Value	$10,815.62
Current Price	$4,160.00
Upside	159.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-1.53%	7.32%	121.77	125.13	129.46	109.64	131.57	131.57	120.60	71.27	109.64	65.45
YoY Growth	-	-	-2.68%	-3.35%	18.08%	-16.67%	0.00%	9.09%	69.23%	-35.00%	67.52%	8.92%
Dividend Yield	-	-	3.34%	3.37%	4.09%	3.89%	5.01%	4.72%	3.90%	2.22%	5.14%	3.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,295.92
(-) Cash Dividends Paid (M)	240.37
(=) Cash Retained (M)	1,055.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	259.18	161.99	97.19
Cash Retained (M)	1,055.55	1,055.55	1,055.55
(-) Cash Required (M)	-259.18	-161.99	-97.19
(=) Excess Retained (M)	796.36	893.56	958.35
(/) Shares Outstanding (M)	3.95	3.95	3.95
(=) Excess Retained per Share	201.51	226.10	242.50
LTM Dividend per Share	60.82	60.82	60.82
(+) Excess Retained per Share	201.51	226.10	242.50
(=) Adjusted Dividend	262.33	286.92	303.32
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.20%	4.20%	5.20%
Fair Value	$8,114.92	$12,797.62	$23,880.43
Upside / Downside	95.07%	207.64%	474.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,295.92	1,350.39	1,407.15	1,466.29	1,527.92	1,592.14	1,639.90
Payout Ratio	18.55%	32.84%	47.13%	61.42%	75.71%	90.00%	92.50%
Projected Dividends (M)	240.37	443.45	663.17	900.59	1,156.78	1,432.93	1,516.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.20%	4.20%	5.20%
Year 1 PV (M)	412.24	416.23	420.23
Year 2 PV (M)	573.10	584.26	595.53
Year 3 PV (M)	723.49	744.72	766.37
Year 4 PV (M)	863.89	897.87	932.83
Year 5 PV (M)	994.79	1,043.93	1,095.00
PV of Terminal Value (M)	29,753.80	31,223.52	32,750.76
Equity Value (M)	33,321.31	34,910.54	36,560.71
Shares Outstanding (M)	3.95	3.95	3.95
Fair Value	$8,431.49	$8,833.62	$9,251.18
Upside / Downside	102.68%	112.35%	122.38%

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TOBA, Inc. (7472.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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