DDM Analysis: 9405.T

Valuation Snapshot

Stable Growth	$1,070.54 - $1,571.62	$1,311.59
Multi-Stage	$1,608.64 - $1,769.40	$1,687.46
Blended Fair Value	$1,499.53
Current Price	$777.00
Upside	92.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-14.62%	-2.61%	12.00	12.00	26.99	11.78	13.72	26.44	19.57	26.39	17.60	20.53
YoY Growth	-	-	0.00%	-55.55%	129.07%	-14.14%	-48.10%	35.13%	-25.86%	49.93%	-14.24%	31.24%
Dividend Yield	-	-	1.75%	1.78%	4.08%	1.80%	1.95%	3.43%	2.72%	3.17%	2.16%	3.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,756.00
(-) Cash Dividends Paid (M)	125.00
(=) Cash Retained (M)	5,631.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,151.20	719.50	431.70
Cash Retained (M)	5,631.00	5,631.00	5,631.00
(-) Cash Required (M)	-1,151.20	-719.50	-431.70
(=) Excess Retained (M)	4,479.80	4,911.50	5,199.30
(/) Shares Outstanding (M)	41.75	41.75	41.75
(=) Excess Retained per Share	107.30	117.64	124.53
LTM Dividend per Share	2.99	2.99	2.99
(+) Excess Retained per Share	107.30	117.64	124.53
(=) Adjusted Dividend	110.29	120.63	127.53
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	-1.19%	-0.19%	0.81%
Fair Value	$1,070.54	$1,311.59	$1,571.62
Upside / Downside	37.78%	68.80%	102.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,756.00	5,745.33	5,734.69	5,724.06	5,713.45	5,702.87	5,873.95
Payout Ratio	2.17%	19.74%	37.30%	54.87%	72.43%	90.00%	92.50%
Projected Dividends (M)	125.00	1,133.97	2,139.21	3,140.72	4,138.50	5,132.58	5,433.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	-1.19%	-0.19%	0.81%
Year 1 PV (M)	1,029.97	1,040.39	1,050.81
Year 2 PV (M)	1,764.79	1,800.69	1,836.95
Year 3 PV (M)	2,353.36	2,425.53	2,499.17
Year 4 PV (M)	2,816.59	2,932.34	3,051.63
Year 5 PV (M)	3,172.75	3,336.57	3,507.09
PV of Terminal Value (M)	56,024.08	58,916.85	61,927.89
Equity Value (M)	67,161.54	70,452.38	73,873.55
Shares Outstanding (M)	41.75	41.75	41.75
Fair Value	$1,608.64	$1,687.46	$1,769.40
Upside / Downside	107.03%	117.18%	127.72%

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Asahi Broadcasting Group Holdings Corporation (9405.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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