DDM Analysis: 8233.T

Valuation Snapshot

Stable Growth	$11,853.67 - $22,834.91	$21,399.40
Multi-Stage	$3,656.90 - $4,006.74	$3,828.58
Blended Fair Value	$12,613.99
Current Price	$1,331.00
Upside	847.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.35%	7.36%	18.71	13.49	11.04	11.04	11.04	11.44	11.57	11.57	11.57	10.68
YoY Growth	-	-	38.72%	22.19%	0.00%	0.00%	-3.47%	-1.14%	0.00%	0.00%	8.37%	16.08%
Dividend Yield	-	-	1.62%	1.04%	1.18%	1.72%	1.77%	2.18%	2.01%	1.27%	1.12%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41,666.00
(-) Cash Dividends Paid (M)	7,571.00
(=) Cash Retained (M)	34,095.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,333.20	5,208.25	3,124.95
Cash Retained (M)	34,095.00	34,095.00	34,095.00
(-) Cash Required (M)	-8,333.20	-5,208.25	-3,124.95
(=) Excess Retained (M)	25,761.80	28,886.75	30,970.05
(/) Shares Outstanding (M)	362.42	362.42	362.42
(=) Excess Retained per Share	71.08	79.71	85.45
LTM Dividend per Share	20.89	20.89	20.89
(+) Excess Retained per Share	71.08	79.71	85.45
(=) Adjusted Dividend	91.97	100.60	106.35
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.36%	6.36%	7.36%
Fair Value	$11,853.67	$21,399.40	$22,834.91
Upside / Downside	790.58%	1,507.77%	1,615.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41,666.00	44,316.96	47,136.59	50,135.61	53,325.44	56,718.23	58,419.77
Payout Ratio	18.17%	32.54%	46.90%	61.27%	75.63%	90.00%	92.50%
Projected Dividends (M)	7,571.00	14,419.21	22,108.20	30,717.22	40,332.24	51,046.40	54,038.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.36%	6.36%	7.36%
Year 1 PV (M)	13,452.30	13,579.98	13,707.65
Year 2 PV (M)	19,242.59	19,609.59	19,980.05
Year 3 PV (M)	24,942.92	25,659.88	26,390.46
Year 4 PV (M)	30,554.33	31,730.92	32,941.16
Year 5 PV (M)	36,077.85	37,822.74	39,634.50
PV of Terminal Value (M)	1,201,046.18	1,259,134.35	1,319,448.62
Equity Value (M)	1,325,316.16	1,387,537.46	1,452,102.46
Shares Outstanding (M)	362.42	362.42	362.42
Fair Value	$3,656.90	$3,828.58	$4,006.74
Upside / Downside	174.75%	187.65%	201.03%

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Takashimaya Company, Limited (8233.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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