DDM Analysis: 4307.T

Valuation Snapshot

Stable Growth	$11,313.01 - $35,332.49	$33,111.72
Multi-Stage	$4,738.19 - $5,184.76	$4,957.38
Blended Fair Value	$19,034.55
Current Price	$5,673.00
Upside	235.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.42%	10.62%	58.21	48.20	44.33	39.57	35.48	33.90	37.34	36.38	31.93	28.75
YoY Growth	-	-	20.77%	8.71%	12.03%	11.52%	4.69%	-9.23%	2.66%	13.92%	11.08%	35.54%
Dividend Yield	-	-	1.01%	1.06%	1.12%	1.10%	0.97%	1.16%	2.09%	2.03%	2.16%	2.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	101,673.00
(-) Cash Dividends Paid (M)	36,053.00
(=) Cash Retained (M)	65,620.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20,334.60	12,709.13	7,625.48
Cash Retained (M)	65,620.00	65,620.00	65,620.00
(-) Cash Required (M)	-20,334.60	-12,709.13	-7,625.48
(=) Excess Retained (M)	45,285.40	52,910.88	57,994.53
(/) Shares Outstanding (M)	572.28	572.28	572.28
(=) Excess Retained per Share	79.13	92.46	101.34
LTM Dividend per Share	63.00	63.00	63.00
(+) Excess Retained per Share	79.13	92.46	101.34
(=) Adjusted Dividend	142.13	155.45	164.34
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11,313.01	$33,111.72	$35,332.49
Upside / Downside	99.42%	483.67%	522.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	101,673.00	108,281.75	115,320.06	122,815.86	130,798.89	139,300.82	143,479.85
Payout Ratio	35.46%	46.37%	57.28%	68.18%	79.09%	90.00%	92.50%
Projected Dividends (M)	36,053.00	50,207.87	66,050.55	83,740.65	103,451.40	125,370.74	132,718.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46,558.61	46,999.92	47,441.24
Year 2 PV (M)	56,797.97	57,879.81	58,971.86
Year 3 PV (M)	66,776.07	68,692.97	70,646.21
Year 4 PV (M)	76,497.83	79,439.72	82,465.66
Year 5 PV (M)	85,968.06	90,120.35	94,431.55
PV of Terminal Value (M)	2,378,991.00	2,493,897.16	2,613,201.04
Equity Value (M)	2,711,589.54	2,837,029.93	2,967,157.56
Shares Outstanding (M)	572.28	572.28	572.28
Fair Value	$4,738.19	$4,957.38	$5,184.76
Upside / Downside	-16.48%	-12.61%	-8.61%

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Nomura Research Institute, Ltd. (4307.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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