DDM Analysis: 6703.T

Valuation Snapshot

Stable Growth	$894.29 - $1,300.72	$1,091.14
Multi-Stage	$2,108.16 - $2,323.89	$2,213.87
Blended Fair Value	$1,652.51
Current Price	$1,614.00
Upside	2.39%
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	-9.70%	-6.22%	29.82	19.90	29.83	19.90	49.68	49.66	29.99	49.84	49.78	49.74
YoY Growth	-	-	49.83%	-33.28%	49.88%	-59.94%	0.02%	65.59%	-39.82%	0.12%	0.07%	-12.26%
Dividend Yield	-	-	1.85%	1.92%	3.32%	2.69%	4.88%	4.78%	2.21%	4.02%	3.13%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,686.00
(-) Cash Dividends Paid (M)	3,882.00
(=) Cash Retained (M)	6,804.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,137.20	1,335.75	801.45
Cash Retained (M)	6,804.00	6,804.00	6,804.00
(-) Cash Required (M)	-2,137.20	-1,335.75	-801.45
(=) Excess Retained (M)	4,666.80	5,468.25	6,002.55
(/) Shares Outstanding (M)	86.72	86.72	86.72
(=) Excess Retained per Share	53.81	63.05	69.22
LTM Dividend per Share	44.76	44.76	44.76
(+) Excess Retained per Share	53.81	63.05	69.22
(=) Adjusted Dividend	98.58	107.82	113.98
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-3.76%	-2.76%	-1.76%
Fair Value	$894.29	$1,091.14	$1,300.72
Upside / Downside	-44.59%	-32.40%	-19.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,686.00	10,391.49	10,105.10	9,826.61	9,555.79	9,292.43	9,571.20
Payout Ratio	36.33%	47.06%	57.80%	68.53%	79.27%	90.00%	92.50%
Projected Dividends (M)	3,882.00	4,890.48	5,840.42	6,734.29	7,574.45	8,363.19	8,853.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-3.76%	-2.76%	-1.76%
Year 1 PV (M)	4,529.77	4,576.84	4,623.90
Year 2 PV (M)	5,010.65	5,115.31	5,221.06
Year 3 PV (M)	5,351.38	5,519.93	5,691.98
Year 4 PV (M)	5,575.07	5,810.41	6,053.12
Year 5 PV (M)	5,701.58	6,004.01	6,319.13
PV of Terminal Value (M)	156,657.07	164,966.50	173,624.84
Equity Value (M)	182,825.52	191,992.99	201,534.03
Shares Outstanding (M)	86.72	86.72	86.72
Fair Value	$2,108.16	$2,213.87	$2,323.89
Upside / Downside	30.62%	37.17%	43.98%

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Oki Electric Industry Co., Ltd. (6703.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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