DDM Analysis: 9436.T

Valuation Snapshot

Stable Growth	$2,607.69 - $5,767.80	$3,757.45
Multi-Stage	$3,322.69 - $3,643.73	$3,480.18
Blended Fair Value	$3,618.82
Current Price	$2,612.00
Upside	38.55%
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	9.14%	9.63%	61.20	51.07	48.81	47.74	44.56	39.52	36.03	31.97	29.06	26.75
YoY Growth	-	-	19.84%	4.62%	2.25%	7.13%	12.75%	9.68%	12.70%	10.03%	8.62%	9.58%
Dividend Yield	-	-	2.39%	2.56%	3.25%	3.53%	3.47%	3.83%	4.20%	2.88%	3.09%	3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,824.00
(-) Cash Dividends Paid (M)	5,870.00
(=) Cash Retained (M)	6,954.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,564.80	1,603.00	961.80
Cash Retained (M)	6,954.00	6,954.00	6,954.00
(-) Cash Required (M)	-2,564.80	-1,603.00	-961.80
(=) Excess Retained (M)	4,389.20	5,351.00	5,992.20
(/) Shares Outstanding (M)	94.06	94.06	94.06
(=) Excess Retained per Share	46.67	56.89	63.71
LTM Dividend per Share	62.41	62.41	62.41
(+) Excess Retained per Share	46.67	56.89	63.71
(=) Adjusted Dividend	109.07	119.30	126.12
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.38%	3.38%	4.38%
Fair Value	$2,607.69	$3,757.45	$5,767.80
Upside / Downside	-0.17%	43.85%	120.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,824.00	13,257.36	13,705.36	14,168.51	14,647.30	15,142.27	15,596.54
Payout Ratio	45.77%	54.62%	63.46%	72.31%	81.15%	90.00%	92.50%
Projected Dividends (M)	5,870.00	7,241.02	8,697.99	10,245.16	11,886.97	13,628.05	14,426.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.38%	3.38%	4.38%
Year 1 PV (M)	6,723.10	6,788.77	6,854.44
Year 2 PV (M)	7,498.25	7,645.44	7,794.07
Year 3 PV (M)	8,200.31	8,442.95	8,690.34
Year 4 PV (M)	8,833.91	9,184.14	9,544.69
Year 5 PV (M)	9,403.41	9,871.72	10,358.49
PV of Terminal Value (M)	271,861.79	285,400.90	299,474.12
Equity Value (M)	312,520.77	327,333.92	342,716.15
Shares Outstanding (M)	94.06	94.06	94.06
Fair Value	$3,322.69	$3,480.18	$3,643.73
Upside / Downside	27.21%	33.24%	39.50%

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Okinawa Cellular Telephone Company (9436.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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