DDM Analysis: 2163.T

Valuation Snapshot

Stable Growth	$2,350.82 - $4,985.39	$3,337.17
Multi-Stage	$1,825.38 - $1,987.76	$1,905.13
Blended Fair Value	$2,621.15
Current Price	$1,973.00
Upside	32.85%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	30.56%	31.55%	77.08	77.02	40.17	25.41	21.84	20.32	15.93	12.67	9.95	7.46
YoY Growth	-	-	0.08%	91.74%	58.06%	16.37%	7.47%	27.58%	25.75%	27.36%	33.36%	50.11%
Dividend Yield	-	-	4.11%	3.53%	3.01%	3.06%	2.72%	3.07%	1.84%	1.13%	1.63%	2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,331.79
(-) Cash Dividends Paid (M)	866.74
(=) Cash Retained (M)	465.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	266.36	166.47	99.88
Cash Retained (M)	465.05	465.05	465.05
(-) Cash Required (M)	-266.36	-166.47	-99.88
(=) Excess Retained (M)	198.69	298.57	365.16
(/) Shares Outstanding (M)	10.63	10.63	10.63
(=) Excess Retained per Share	18.70	28.10	34.37
LTM Dividend per Share	81.57	81.57	81.57
(+) Excess Retained per Share	18.70	28.10	34.37
(=) Adjusted Dividend	100.27	109.67	115.94
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,350.82	$3,337.17	$4,985.39
Upside / Downside	19.15%	69.14%	152.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,331.79	1,418.35	1,510.54	1,608.73	1,713.30	1,824.66	1,879.40
Payout Ratio	65.08%	70.06%	75.05%	80.03%	85.02%	90.00%	92.50%
Projected Dividends (M)	866.74	993.76	1,133.64	1,287.50	1,456.58	1,642.19	1,738.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	894.94	903.42	911.90
Year 2 PV (M)	919.38	936.89	954.57
Year 3 PV (M)	940.33	967.32	994.83
Year 4 PV (M)	958.02	994.86	1,032.76
Year 5 PV (M)	972.69	1,019.67	1,068.45
PV of Terminal Value (M)	14,710.04	15,420.54	16,158.24
Equity Value (M)	19,395.40	20,242.72	21,120.75
Shares Outstanding (M)	10.63	10.63	10.63
Fair Value	$1,825.38	$1,905.13	$1,987.76
Upside / Downside	-7.48%	-3.44%	0.75%

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Artner Co.,Ltd. (2163.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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