DDM Analysis: 2154.T

Valuation Snapshot

Stable Growth	$2,809.27 - $6,138.47	$4,030.39
Multi-Stage	$2,120.36 - $2,311.20	$2,214.07
Blended Fair Value	$3,122.23
Current Price	$1,709.00
Upside	82.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	34.38%	28.63%	75.07	52.87	45.65	45.66	20.55	17.13	15.88	11.17	8.91	7.22
YoY Growth	-	-	41.99%	15.83%	-0.03%	122.23%	19.95%	7.90%	42.12%	25.41%	23.43%	19.18%
Dividend Yield	-	-	4.39%	2.59%	2.49%	2.84%	1.57%	1.51%	1.23%	0.51%	0.57%	0.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,558.00
(-) Cash Dividends Paid (M)	6,526.00
(=) Cash Retained (M)	6,032.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,511.60	1,569.75	941.85
Cash Retained (M)	6,032.00	6,032.00	6,032.00
(-) Cash Required (M)	-2,511.60	-1,569.75	-941.85
(=) Excess Retained (M)	3,520.40	4,462.25	5,090.15
(/) Shares Outstanding (M)	86.93	86.93	86.93
(=) Excess Retained per Share	40.50	51.33	58.56
LTM Dividend per Share	75.07	75.07	75.07
(+) Excess Retained per Share	40.50	51.33	58.56
(=) Adjusted Dividend	115.57	126.41	133.63
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,809.27	$4,030.39	$6,138.47
Upside / Downside	64.38%	135.83%	259.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,558.00	13,374.27	14,243.60	15,169.43	16,155.44	17,205.55	17,721.71
Payout Ratio	51.97%	59.57%	67.18%	74.79%	82.39%	90.00%	92.50%
Projected Dividends (M)	6,526.00	7,967.52	9,568.87	11,344.72	13,311.02	15,484.99	16,392.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,185.63	7,253.74	7,321.85
Year 2 PV (M)	7,782.94	7,931.19	8,080.83
Year 3 PV (M)	8,321.83	8,560.72	8,804.14
Year 4 PV (M)	8,805.98	9,144.64	9,492.96
Year 5 PV (M)	9,238.88	9,685.12	10,148.44
PV of Terminal Value (M)	142,984.41	149,890.61	157,061.13
Equity Value (M)	184,319.68	192,466.01	200,909.35
Shares Outstanding (M)	86.93	86.93	86.93
Fair Value	$2,120.36	$2,214.07	$2,311.20
Upside / Downside	24.07%	29.55%	35.24%

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Open Up Group Inc. (2154.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener