DDM Analysis: 7525.T

Valuation Snapshot

Stable Growth	$29,150.26 - $71,408.20	$66,919.95
Multi-Stage	$10,207.35 - $11,182.64	$10,686.00
Blended Fair Value	$38,802.97
Current Price	$3,350.00
Upside	1,058.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.90%	17.34%	124.04	154.77	90.49	55.56	45.38	70.69	58.57	36.37	30.34	35.44
YoY Growth	-	-	-19.86%	71.05%	62.87%	22.42%	-35.81%	20.69%	61.07%	19.86%	-14.39%	41.32%
Dividend Yield	-	-	4.07%	5.18%	2.79%	2.87%	2.91%	4.34%	3.92%	1.94%	1.62%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,905.74
(-) Cash Dividends Paid (M)	287.58
(=) Cash Retained (M)	2,618.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	581.15	363.22	217.93
Cash Retained (M)	2,618.16	2,618.16	2,618.16
(-) Cash Required (M)	-581.15	-363.22	-217.93
(=) Excess Retained (M)	2,037.01	2,254.95	2,400.23
(/) Shares Outstanding (M)	8.09	8.09	8.09
(=) Excess Retained per Share	251.71	278.64	296.60
LTM Dividend per Share	35.54	35.54	35.54
(+) Excess Retained per Share	251.71	278.64	296.60
(=) Adjusted Dividend	287.25	314.18	332.13
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29,150.26	$66,919.95	$71,408.20
Upside / Downside	770.16%	1,897.61%	2,031.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,905.74	3,094.62	3,295.77	3,509.99	3,738.14	3,981.12	4,100.55
Payout Ratio	9.90%	25.92%	41.94%	57.96%	73.98%	90.00%	92.50%
Projected Dividends (M)	287.58	802.05	1,382.18	2,034.35	2,765.45	3,583.01	3,793.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	745.75	752.82	759.89
Year 2 PV (M)	1,194.95	1,217.71	1,240.69
Year 3 PV (M)	1,635.31	1,682.26	1,730.09
Year 4 PV (M)	2,066.97	2,146.46	2,228.22
Year 5 PV (M)	2,490.04	2,610.31	2,735.19
PV of Terminal Value (M)	74,471.23	78,068.22	81,802.87
Equity Value (M)	82,604.25	86,477.77	90,496.94
Shares Outstanding (M)	8.09	8.09	8.09
Fair Value	$10,207.35	$10,686.00	$11,182.64
Upside / Downside	204.70%	218.98%	233.81%

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Rix Corporation (7525.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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