DDM Analysis: 8963.T

Valuation Snapshot

Stable Growth	$620,451.54 - $1,455,305.34	$1,363,834.23
Multi-Stage	$218,238.40 - $238,673.39	$228,268.93
Blended Fair Value	$796,051.58
Current Price	$62,000.00
Upside	1,183.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.04%	0.00%	3,281.02	1,916.28	277.13	152.36	1,497.91	2,692.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	71.22%	591.46%	81.89%	-89.83%	-44.36%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.96%	3.14%	0.54%	0.42%	4.52%	4.35%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53,437.71
(-) Cash Dividends Paid (M)	32,882.49
(=) Cash Retained (M)	20,555.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,687.54	6,679.71	4,007.83
Cash Retained (M)	20,555.22	20,555.22	20,555.22
(-) Cash Required (M)	-10,687.54	-6,679.71	-4,007.83
(=) Excess Retained (M)	9,867.68	13,875.51	16,547.39
(/) Shares Outstanding (M)	7.30	7.30	7.30
(=) Excess Retained per Share	1,351.27	1,900.09	2,265.98
LTM Dividend per Share	4,502.88	4,502.88	4,502.88
(+) Excess Retained per Share	1,351.27	1,900.09	2,265.98
(=) Adjusted Dividend	5,854.15	6,402.98	6,768.86
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$620,451.54	$1,363,834.23	$1,455,305.34
Upside / Downside	900.73%	2,099.73%	2,247.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53,437.71	56,911.16	60,610.38	64,550.06	68,745.81	73,214.29	75,410.72
Payout Ratio	61.53%	67.23%	72.92%	78.61%	84.31%	90.00%	92.50%
Projected Dividends (M)	32,882.49	38,259.89	44,197.42	50,745.19	57,957.43	65,892.86	69,754.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35,588.98	35,926.32	36,263.66
Year 2 PV (M)	38,242.01	38,970.41	39,705.69
Year 3 PV (M)	40,842.33	42,014.77	43,209.43
Year 4 PV (M)	43,390.70	45,059.39	46,775.75
Year 5 PV (M)	45,887.87	48,104.27	50,405.50
PV of Terminal Value (M)	1,389,742.50	1,456,867.58	1,526,561.70
Equity Value (M)	1,593,694.40	1,666,942.74	1,742,921.72
Shares Outstanding (M)	7.30	7.30	7.30
Fair Value	$218,238.40	$228,268.93	$238,673.39
Upside / Downside	252.00%	268.18%	284.96%

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Invincible Investment Corporation (8963.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener