DDM Analysis: 6445.T

Valuation Snapshot

Stable Growth	$473.87 - $745.76	$598.48
Multi-Stage	$1,019.47 - $1,122.78	$1,070.11
Blended Fair Value	$834.29
Current Price	$1,120.00
Upside	-25.51%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	20.73%	0.00%	40.80	26.72	26.77	42.57	16.02	15.91	10.59	10.53	0.00	0.00
YoY Growth	-	-	52.70%	-0.21%	-37.11%	165.74%	0.70%	50.26%	0.53%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.64%	3.86%	4.35%	5.95%	2.12%	3.50%	2.32%	1.49%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	867.00
(-) Cash Dividends Paid (M)	228.00
(=) Cash Retained (M)	639.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	173.40	108.38	65.03
Cash Retained (M)	639.00	639.00	639.00
(-) Cash Required (M)	-173.40	-108.38	-65.03
(=) Excess Retained (M)	465.60	530.63	573.98
(/) Shares Outstanding (M)	18.04	18.04	18.04
(=) Excess Retained per Share	25.81	29.41	31.82
LTM Dividend per Share	12.64	12.64	12.64
(+) Excess Retained per Share	25.81	29.41	31.82
(=) Adjusted Dividend	38.45	42.05	44.45
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-1.54%	-0.54%	0.46%
Fair Value	$473.87	$598.48	$745.76
Upside / Downside	-57.69%	-46.56%	-33.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	867.00	862.29	857.61	852.95	848.32	843.71	869.02
Payout Ratio	26.30%	39.04%	51.78%	64.52%	77.26%	90.00%	92.50%
Projected Dividends (M)	228.00	336.62	444.06	550.32	655.41	759.34	803.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-1.54%	-0.54%	0.46%
Year 1 PV (M)	313.06	316.24	319.42
Year 2 PV (M)	384.07	391.91	399.83
Year 3 PV (M)	442.66	456.29	470.19
Year 4 PV (M)	490.29	510.52	531.36
Year 5 PV (M)	528.28	555.66	584.17
PV of Terminal Value (M)	16,233.88	17,075.22	17,951.08
Equity Value (M)	18,392.26	19,305.84	20,256.05
Shares Outstanding (M)	18.04	18.04	18.04
Fair Value	$1,019.47	$1,070.11	$1,122.78
Upside / Downside	-8.98%	-4.45%	0.25%

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JANOME Corporation (6445.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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