DDM Analysis: 9783.T

Valuation Snapshot

Stable Growth	$519.28 - $767.12	$637.99
Multi-Stage	$1,307.13 - $1,437.17	$1,370.87
Blended Fair Value	$1,004.43
Current Price	$2,585.00
Upside	-61.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.70%	-4.51%	59.99	54.95	49.96	49.96	49.96	72.42	94.85	94.70	94.72	94.72
YoY Growth	-	-	9.17%	9.98%	0.00%	0.00%	-31.00%	-23.65%	0.15%	-0.01%	0.00%	-0.52%
Dividend Yield	-	-	2.32%	2.99%	2.27%	1.81%	1.73%	2.82%	2.41%	2.23%	3.94%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,442.00
(-) Cash Dividends Paid (M)	5,787.00
(=) Cash Retained (M)	655.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,288.40	805.25	483.15
Cash Retained (M)	655.00	655.00	655.00
(-) Cash Required (M)	-1,288.40	-805.25	-483.15
(=) Excess Retained (M)	-633.40	-150.25	171.85
(/) Shares Outstanding (M)	96.47	96.47	96.47
(=) Excess Retained per Share	-6.57	-1.56	1.78
LTM Dividend per Share	59.99	59.99	59.99
(+) Excess Retained per Share	-6.57	-1.56	1.78
(=) Adjusted Dividend	53.42	58.43	61.77
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-3.34%	-2.34%	-1.34%
Fair Value	$519.28	$637.99	$767.12
Upside / Downside	-79.91%	-75.32%	-70.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,442.00	6,291.39	6,144.30	6,000.65	5,860.36	5,723.34	5,895.04
Payout Ratio	89.83%	89.87%	89.90%	89.93%	89.97%	90.00%	92.50%
Projected Dividends (M)	5,787.00	5,653.81	5,523.69	5,396.56	5,272.36	5,151.01	5,452.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	-3.34%	-2.34%	-1.34%
Year 1 PV (M)	5,249.13	5,303.44	5,357.74
Year 2 PV (M)	4,761.26	4,860.28	4,960.33
Year 3 PV (M)	4,318.73	4,454.16	4,592.39
Year 4 PV (M)	3,917.33	4,081.97	4,251.74
Year 5 PV (M)	3,553.24	3,740.88	3,936.36
PV of Terminal Value (M)	104,296.64	109,804.33	115,542.29
Equity Value (M)	126,096.33	132,245.05	138,640.84
Shares Outstanding (M)	96.47	96.47	96.47
Fair Value	$1,307.13	$1,370.87	$1,437.17
Upside / Downside	-49.43%	-46.97%	-44.40%

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Benesse Holdings, Inc. (9783.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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