DDM Analysis: 5393.T

Valuation Snapshot

Stable Growth	$21,027.43 - $92,807.39	$49,823.29
Multi-Stage	$13,683.70 - $14,998.76	$14,329.00
Blended Fair Value	$32,076.15
Current Price	$5,558.00
Upside	477.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.47%	13.32%	104.16	96.61	92.63	84.35	78.24	76.12	66.22	58.51	49.50	35.25
YoY Growth	-	-	7.81%	4.31%	9.81%	7.82%	2.77%	14.96%	13.19%	18.19%	40.42%	18.22%
Dividend Yield	-	-	1.89%	2.03%	3.10%	3.74%	2.80%	3.39%	3.30%	2.11%	1.91%	2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,353.00
(-) Cash Dividends Paid (M)	7,015.00
(=) Cash Retained (M)	23,338.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,070.60	3,794.13	2,276.48
Cash Retained (M)	23,338.00	23,338.00	23,338.00
(-) Cash Required (M)	-6,070.60	-3,794.13	-2,276.48
(=) Excess Retained (M)	17,267.40	19,543.88	21,061.53
(/) Shares Outstanding (M)	64.42	64.42	64.42
(=) Excess Retained per Share	268.04	303.38	326.94
LTM Dividend per Share	108.89	108.89	108.89
(+) Excess Retained per Share	268.04	303.38	326.94
(=) Adjusted Dividend	376.93	412.27	435.83
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	4.47%	5.47%	6.47%
Fair Value	$21,027.43	$49,823.29	$92,807.39
Upside / Downside	278.33%	796.42%	1,569.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,353.00	32,013.84	33,765.56	35,613.13	37,561.79	39,617.08	40,805.59
Payout Ratio	23.11%	36.49%	49.87%	63.24%	76.62%	90.00%	92.50%
Projected Dividends (M)	7,015.00	11,681.57	16,837.82	22,523.37	28,780.70	35,655.37	37,745.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	4.47%	5.47%	6.47%
Year 1 PV (M)	10,880.50	10,984.65	11,088.79
Year 2 PV (M)	14,607.68	14,888.66	15,172.33
Year 3 PV (M)	18,200.21	18,727.86	19,265.62
Year 4 PV (M)	21,661.68	22,503.04	23,368.68
Year 5 PV (M)	24,995.59	26,215.00	27,481.54
PV of Terminal Value (M)	791,167.51	829,764.51	869,853.38
Equity Value (M)	881,513.15	923,083.71	966,230.33
Shares Outstanding (M)	64.42	64.42	64.42
Fair Value	$13,683.70	$14,329.00	$14,998.76
Upside / Downside	146.20%	157.81%	169.86%

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Nichias Corporation (5393.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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