DDM Analysis: 3569.T

Valuation Snapshot

Stable Growth	$25,918.53 - $50,988.31	$47,783.52
Multi-Stage	$7,848.19 - $8,594.54	$8,214.49
Blended Fair Value	$27,999.00
Current Price	$3,050.00
Upside	818.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.25%	13.37%	58.46	41.73	39.03	32.68	33.81	35.88	30.34	33.37	25.27	22.24
YoY Growth	-	-	40.06%	6.94%	19.42%	-3.35%	-5.75%	18.24%	-9.08%	32.08%	13.62%	33.40%
Dividend Yield	-	-	2.51%	1.73%	1.59%	1.62%	1.54%	2.64%	1.96%	1.93%	1.43%	2.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,149.00
(-) Cash Dividends Paid (M)	4,022.00
(=) Cash Retained (M)	11,127.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,029.80	1,893.63	1,136.18
Cash Retained (M)	11,127.00	11,127.00	11,127.00
(-) Cash Required (M)	-3,029.80	-1,893.63	-1,136.18
(=) Excess Retained (M)	8,097.20	9,233.38	9,990.83
(/) Shares Outstanding (M)	59.09	59.09	59.09
(=) Excess Retained per Share	137.04	156.27	169.09
LTM Dividend per Share	68.07	68.07	68.07
(+) Excess Retained per Share	137.04	156.27	169.09
(=) Adjusted Dividend	205.11	224.34	237.15
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25,918.53	$47,783.52	$50,988.31
Upside / Downside	749.79%	1,466.67%	1,571.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,149.00	16,133.69	17,182.37	18,299.23	19,488.68	20,755.44	21,378.11
Payout Ratio	26.55%	39.24%	51.93%	64.62%	77.31%	90.00%	92.50%
Projected Dividends (M)	4,022.00	6,330.81	8,922.77	11,824.93	15,066.68	18,679.90	19,774.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,897.75	5,953.65	6,009.55
Year 2 PV (M)	7,743.79	7,891.29	8,040.18
Year 3 PV (M)	9,560.49	9,834.93	10,114.58
Year 4 PV (M)	11,348.18	11,784.60	12,233.48
Year 5 PV (M)	13,107.21	13,740.29	14,397.60
PV of Terminal Value (M)	416,070.30	436,166.65	457,032.13
Equity Value (M)	463,727.71	485,371.41	507,827.53
Shares Outstanding (M)	59.09	59.09	59.09
Fair Value	$7,848.19	$8,214.49	$8,594.54
Upside / Downside	157.32%	169.33%	181.79%

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Seiren Co.,Ltd. (3569.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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