DDM Analysis: 3475.T

Valuation Snapshot

Stable Growth	$2,776.79 - $15,452.81	$5,317.41
Multi-Stage	$1,635.61 - $1,786.53	$1,709.70
Blended Fair Value	$3,513.55
Current Price	$1,236.00
Upside	184.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.63%	0.00%	35.20	30.12	21.53	17.52	11.81	8.91	4.24	0.73	0.70	0.00
YoY Growth	-	-	16.87%	39.89%	22.88%	48.34%	32.62%	110.00%	479.29%	4.80%	0.00%	0.00%
Dividend Yield	-	-	3.79%	3.84%	2.73%	3.28%	1.93%	1.57%	1.15%	0.17%	0.54%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,224.42
(-) Cash Dividends Paid (M)	1,181.00
(=) Cash Retained (M)	1,043.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	444.88	278.05	166.83
Cash Retained (M)	1,043.42	1,043.42	1,043.42
(-) Cash Required (M)	-444.88	-278.05	-166.83
(=) Excess Retained (M)	598.54	765.37	876.59
(/) Shares Outstanding (M)	28.63	28.63	28.63
(=) Excess Retained per Share	20.91	26.74	30.62
LTM Dividend per Share	41.25	41.25	41.25
(+) Excess Retained per Share	20.91	26.74	30.62
(=) Adjusted Dividend	62.16	67.99	71.87
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,776.79	$5,317.41	$15,452.81
Upside / Downside	124.66%	330.21%	1,150.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,224.42	2,369.01	2,523.00	2,686.99	2,861.65	3,047.65	3,139.08
Payout Ratio	53.09%	60.47%	67.86%	75.24%	82.62%	90.00%	92.50%
Projected Dividends (M)	1,181.00	1,432.63	1,711.99	2,021.61	2,364.25	2,742.89	2,903.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,315.74	1,328.21	1,340.69
Year 2 PV (M)	1,444.02	1,471.52	1,499.29
Year 3 PV (M)	1,566.04	1,611.00	1,656.81
Year 4 PV (M)	1,682.04	1,746.72	1,813.26
Year 5 PV (M)	1,792.20	1,878.76	1,968.64
PV of Terminal Value (M)	39,024.10	40,908.98	42,865.99
Equity Value (M)	46,824.13	48,945.19	51,144.67
Shares Outstanding (M)	28.63	28.63	28.63
Fair Value	$1,635.61	$1,709.70	$1,786.53
Upside / Downside	32.33%	38.33%	44.54%

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Good Com Asset Co., Ltd. (3475.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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