DDM Analysis: 9147.T

Valuation Snapshot

Stable Growth	$1,799.46 - $3,315.99	$2,424.14
Multi-Stage	$3,019.90 - $3,311.36	$3,162.86
Blended Fair Value	$2,793.50
Current Price	$2,720.00
Upside	2.70%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	100.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32,159.00
(-) Cash Dividends Paid (M)	25,999.00
(=) Cash Retained (M)	6,160.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,431.80	4,019.88	2,411.93
Cash Retained (M)	6,160.00	6,160.00	6,160.00
(-) Cash Required (M)	-6,431.80	-4,019.88	-2,411.93
(=) Excess Retained (M)	-271.80	2,140.13	3,748.08
(/) Shares Outstanding (M)	259.91	259.91	259.91
(=) Excess Retained per Share	-1.05	8.23	14.42
LTM Dividend per Share	100.03	100.03	100.03
(+) Excess Retained per Share	-1.05	8.23	14.42
(=) Adjusted Dividend	98.98	108.26	114.45
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	0.96%	1.96%	2.96%
Fair Value	$1,799.46	$2,424.14	$3,315.99
Upside / Downside	-33.84%	-10.88%	21.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32,159.00	32,790.25	33,433.89	34,090.17	34,759.33	35,441.63	36,504.87
Payout Ratio	80.85%	82.68%	84.51%	86.34%	88.17%	90.00%	92.50%
Projected Dividends (M)	25,999.00	27,109.71	28,254.02	29,432.80	30,646.97	31,897.46	33,767.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	0.96%	1.96%	2.96%
Year 1 PV (M)	25,201.54	25,451.15	25,700.76
Year 2 PV (M)	24,416.56	24,902.63	25,393.49
Year 3 PV (M)	23,644.92	24,354.49	25,078.11
Year 4 PV (M)	22,887.37	23,807.70	24,755.50
Year 5 PV (M)	22,144.54	23,263.15	24,426.51
PV of Terminal Value (M)	666,612.56	700,285.77	735,306.21
Equity Value (M)	784,907.50	822,064.89	860,660.59
Shares Outstanding (M)	259.91	259.91	259.91
Fair Value	$3,019.90	$3,162.86	$3,311.36
Upside / Downside	11.03%	16.28%	21.74%

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Nippon Express Holdings,Inc. (9147.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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