DDM Analysis: 8850.T

Valuation Snapshot

Stable Growth	$47,039.97 - $94,514.29	$88,573.73
Multi-Stage	$14,455.56 - $15,830.64	$15,130.43
Blended Fair Value	$51,852.08
Current Price	$5,080.00
Upside	920.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.61%	10.46%	112.35	101.95	84.70	68.23	64.95	77.86	67.05	64.89	54.06	47.60
YoY Growth	-	-	10.20%	20.37%	24.14%	5.04%	-16.58%	16.12%	3.33%	20.03%	13.58%	14.53%
Dividend Yield	-	-	2.47%	3.04%	2.88%	2.45%	2.28%	3.53%	2.56%	2.40%	2.02%	2.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23,084.00
(-) Cash Dividends Paid (M)	5,854.00
(=) Cash Retained (M)	17,230.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,616.80	2,885.50	1,731.30
Cash Retained (M)	17,230.00	17,230.00	17,230.00
(-) Cash Required (M)	-4,616.80	-2,885.50	-1,731.30
(=) Excess Retained (M)	12,613.20	14,344.50	15,498.70
(/) Shares Outstanding (M)	48.57	48.57	48.57
(=) Excess Retained per Share	259.68	295.32	319.08
LTM Dividend per Share	120.52	120.52	120.52
(+) Excess Retained per Share	259.68	295.32	319.08
(=) Adjusted Dividend	380.20	415.84	439.60
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$47,039.97	$88,573.73	$94,514.29
Upside / Downside	825.98%	1,643.58%	1,760.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23,084.00	24,584.46	26,182.45	27,884.31	29,696.79	31,627.08	32,575.89
Payout Ratio	25.36%	38.29%	51.22%	64.14%	77.07%	90.00%	92.50%
Projected Dividends (M)	5,854.00	9,412.81	13,409.53	17,886.06	22,887.88	28,464.37	30,132.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,767.46	8,850.56	8,933.67
Year 2 PV (M)	11,633.82	11,855.41	12,079.10
Year 3 PV (M)	14,453.66	14,868.57	15,291.35
Year 4 PV (M)	17,227.53	17,890.05	18,571.50
Year 5 PV (M)	19,956.00	20,919.88	21,920.65
PV of Terminal Value (M)	630,109.58	660,544.10	692,143.43
Equity Value (M)	702,148.04	734,928.58	768,939.70
Shares Outstanding (M)	48.57	48.57	48.57
Fair Value	$14,455.56	$15,130.43	$15,830.64
Upside / Downside	184.56%	197.84%	211.63%

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Starts Corporation Inc. (8850.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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