DDM Analysis: 2802.T

Valuation Snapshot

Stable Growth	$10,906.99 - $20,812.04	$19,503.93
Multi-Stage	$3,277.66 - $3,586.67	$3,429.33
Blended Fair Value	$11,466.63
Current Price	$3,909.00
Upside	193.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.39%	12.69%	52.16	51.18	42.15	36.35	23.36	23.40	24.60	22.74	22.98	21.30
YoY Growth	-	-	1.90%	21.42%	15.98%	55.61%	-0.17%	-4.88%	8.15%	-1.03%	7.88%	34.81%
Dividend Yield	-	-	1.33%	1.78%	1.47%	2.20%	1.62%	2.61%	2.63%	2.17%	1.89%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78,522.00
(-) Cash Dividends Paid (M)	39,428.00
(=) Cash Retained (M)	39,094.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,704.40	9,815.25	5,889.15
Cash Retained (M)	39,094.00	39,094.00	39,094.00
(-) Cash Required (M)	-15,704.40	-9,815.25	-5,889.15
(=) Excess Retained (M)	23,389.60	29,278.75	33,204.85
(/) Shares Outstanding (M)	750.34	750.34	750.34
(=) Excess Retained per Share	31.17	39.02	44.25
LTM Dividend per Share	52.55	52.55	52.55
(+) Excess Retained per Share	31.17	39.02	44.25
(=) Adjusted Dividend	83.72	91.57	96.80
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,906.99	$19,503.93	$20,812.04
Upside / Downside	179.02%	398.95%	432.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78,522.00	83,625.93	89,061.62	94,850.62	101,015.91	107,581.94	110,809.40
Payout Ratio	50.21%	58.17%	66.13%	74.09%	82.04%	90.00%	92.50%
Projected Dividends (M)	39,428.00	48,645.32	58,894.32	70,270.15	82,876.01	96,823.75	102,498.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45,328.43	45,758.08	46,187.74
Year 2 PV (M)	51,136.68	52,110.69	53,093.89
Year 3 PV (M)	56,853.82	58,485.89	60,148.90
Year 4 PV (M)	62,480.89	64,883.73	67,355.22
Year 5 PV (M)	68,018.94	71,304.28	74,715.36
PV of Terminal Value (M)	2,175,534.42	2,280,613.54	2,389,714.29
Equity Value (M)	2,459,353.19	2,573,156.23	2,691,215.40
Shares Outstanding (M)	750.34	750.34	750.34
Fair Value	$3,277.66	$3,429.33	$3,586.67
Upside / Downside	-16.15%	-12.27%	-8.25%

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Ajinomoto Co., Inc. (2802.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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