DDM Analysis: 4684.T

Valuation Snapshot

Stable Growth	$6,973.74 - $31,586.24	$16,049.42
Multi-Stage	$3,662.97 - $4,004.43	$3,830.59
Blended Fair Value	$9,940.00
Current Price	$5,154.00
Upside	92.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.22%	18.36%	66.00	54.43	46.87	39.88	34.37	29.83	25.27	19.21	18.20	14.73
YoY Growth	-	-	21.25%	16.14%	17.53%	16.01%	15.25%	18.01%	31.57%	5.56%	23.55%	20.43%
Dividend Yield	-	-	1.18%	1.32%	1.02%	1.04%	0.83%	0.79%	1.02%	1.05%	1.32%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69,865.00
(-) Cash Dividends Paid (M)	30,792.00
(=) Cash Retained (M)	39,073.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,973.00	8,733.13	5,239.88
Cash Retained (M)	39,073.00	39,073.00	39,073.00
(-) Cash Required (M)	-13,973.00	-8,733.13	-5,239.88
(=) Excess Retained (M)	25,100.00	30,339.88	33,833.13
(/) Shares Outstanding (M)	439.89	439.89	439.89
(=) Excess Retained per Share	57.06	68.97	76.91
LTM Dividend per Share	70.00	70.00	70.00
(+) Excess Retained per Share	57.06	68.97	76.91
(=) Adjusted Dividend	127.06	138.97	146.91
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,973.74	$16,049.42	$31,586.24
Upside / Downside	35.31%	211.40%	512.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69,865.00	74,406.23	79,242.63	84,393.40	89,878.97	95,721.10	98,592.74
Payout Ratio	44.07%	53.26%	62.44%	71.63%	80.81%	90.00%	92.50%
Projected Dividends (M)	30,792.00	39,627.90	49,482.38	60,450.51	72,635.43	86,148.99	91,198.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36,543.49	36,889.87	37,236.26
Year 2 PV (M)	42,079.29	42,880.78	43,689.83
Year 3 PV (M)	47,405.27	48,766.11	50,152.74
Year 4 PV (M)	52,527.18	54,547.23	56,624.99
Year 5 PV (M)	57,450.61	60,225.50	63,106.58
PV of Terminal Value (M)	1,375,291.06	1,441,718.13	1,510,687.53
Equity Value (M)	1,611,296.90	1,685,027.61	1,761,497.92
Shares Outstanding (M)	439.89	439.89	439.89
Fair Value	$3,662.97	$3,830.59	$4,004.43
Upside / Downside	-28.93%	-25.68%	-22.30%

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OBIC Co.,Ltd. (4684.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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