DDM Analysis: 2782.T

Valuation Snapshot

Stable Growth	$2,666.92 - $4,338.56	$3,415.67
Multi-Stage	$2,593.35 - $2,837.33	$2,713.09
Blended Fair Value	$3,064.38
Current Price	$3,105.00
Upside	-1.31%
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	4.77%	21.39%	73.04	73.04	73.04	73.62	63.11	57.85	52.58	21.03	15.77	13.13
YoY Growth	-	-	0.00%	0.00%	-0.79%	16.66%	9.09%	10.02%	150.07%	33.33%	20.06%	24.93%
Dividend Yield	-	-	2.72%	2.53%	3.18%	3.05%	1.54%	1.51%	2.08%	0.40%	0.29%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,870.00
(-) Cash Dividends Paid (M)	1,316.50
(=) Cash Retained (M)	15,553.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,374.00	2,108.75	1,265.25
Cash Retained (M)	15,553.50	15,553.50	15,553.50
(-) Cash Required (M)	-3,374.00	-2,108.75	-1,265.25
(=) Excess Retained (M)	12,179.50	13,444.75	14,288.25
(/) Shares Outstanding (M)	72.10	72.10	72.10
(=) Excess Retained per Share	168.93	186.48	198.18
LTM Dividend per Share	18.26	18.26	18.26
(+) Excess Retained per Share	168.93	186.48	198.18
(=) Adjusted Dividend	187.19	204.74	216.44
WACC / Discount Rate	10.68%	10.68%	10.68%
Growth Rate	3.42%	4.42%	5.42%
Fair Value	$2,666.92	$3,415.67	$4,338.56
Upside / Downside	-14.11%	10.01%	39.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,870.00	17,616.30	18,395.62	19,209.41	20,059.20	20,946.59	21,574.99
Payout Ratio	7.80%	24.24%	40.68%	57.12%	73.56%	90.00%	92.50%
Projected Dividends (M)	1,316.50	4,270.73	7,483.76	10,972.71	14,755.70	18,851.93	19,956.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.68%	10.68%	10.68%
Growth Rate	3.42%	4.42%	5.42%
Year 1 PV (M)	3,821.56	3,858.51	3,895.47
Year 2 PV (M)	5,992.37	6,108.81	6,226.37
Year 3 PV (M)	7,861.98	8,092.25	8,326.96
Year 4 PV (M)	9,460.58	9,831.82	10,213.87
Year 5 PV (M)	10,815.66	11,348.75	11,902.66
PV of Terminal Value (M)	149,021.77	156,366.86	163,998.76
Equity Value (M)	186,973.93	195,607.00	204,564.09
Shares Outstanding (M)	72.10	72.10	72.10
Fair Value	$2,593.35	$2,713.09	$2,837.33
Upside / Downside	-16.48%	-12.62%	-8.62%

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Financial Statements

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Sector

Seria Co., Ltd. (2782.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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