DDM Analysis: 9742.T

Valuation Snapshot

Stable Growth	$463.60 - $674.18	$565.59
Multi-Stage	$798.11 - $872.78	$834.74
Blended Fair Value	$700.17
Current Price	$2,016.00
Upside	-65.27%
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	7.85%	4.47%	49.94	49.84	39.94	50.61	45.61	34.22	25.67	25.09	21.05	23.98
YoY Growth	-	-	0.19%	24.79%	-21.08%	10.96%	33.29%	33.33%	2.30%	19.18%	-12.22%	-25.63%
Dividend Yield	-	-	3.00%	2.73%	2.66%	3.12%	3.30%	2.51%	2.18%	2.36%	1.87%	2.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,298.00
(-) Cash Dividends Paid (M)	1,142.00
(=) Cash Retained (M)	156.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	259.60	162.25	97.35
Cash Retained (M)	156.00	156.00	156.00
(-) Cash Required (M)	-259.60	-162.25	-97.35
(=) Excess Retained (M)	-103.60	-6.25	58.65
(/) Shares Outstanding (M)	20.81	20.81	20.81
(=) Excess Retained per Share	-4.98	-0.30	2.82
LTM Dividend per Share	54.89	54.89	54.89
(+) Excess Retained per Share	-4.98	-0.30	2.82
(=) Adjusted Dividend	49.91	54.59	57.71
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	-1.57%	-0.57%	0.43%
Fair Value	$463.60	$565.59	$674.18
Upside / Downside	-77.00%	-71.94%	-66.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,298.00	1,290.62	1,283.27	1,275.97	1,268.71	1,261.50	1,299.34
Payout Ratio	87.98%	88.39%	88.79%	89.19%	89.60%	90.00%	92.50%
Projected Dividends (M)	1,142.00	1,140.71	1,139.40	1,138.07	1,136.72	1,135.35	1,201.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	-1.57%	-0.57%	0.43%
Year 1 PV (M)	1,035.74	1,046.26	1,056.78
Year 2 PV (M)	939.35	958.53	977.91
Year 3 PV (M)	851.91	878.14	904.90
Year 4 PV (M)	772.59	804.47	837.32
Year 5 PV (M)	700.65	736.97	774.78
PV of Terminal Value (M)	12,305.46	12,943.37	13,607.46
Equity Value (M)	16,605.69	17,367.73	18,159.16
Shares Outstanding (M)	20.81	20.81	20.81
Fair Value	$798.11	$834.74	$872.78
Upside / Downside	-60.41%	-58.59%	-56.71%

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INES Corporation (9742.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener