DDM Analysis: 9303.T

Valuation Snapshot

Stable Growth	$23,432.33 - $56,134.07	$52,605.85
Multi-Stage	$8,228.16 - $9,005.99	$8,609.93
Blended Fair Value	$30,607.89
Current Price	$3,115.00
Upside	882.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.85%	13.50%	102.45	103.03	113.31	65.41	57.32	51.28	38.39	37.70	34.69	30.08
YoY Growth	-	-	-0.57%	-9.07%	73.23%	14.11%	11.79%	33.58%	1.82%	8.69%	15.32%	4.12%
Dividend Yield	-	-	3.45%	3.92%	4.79%	3.26%	3.59%	3.96%	2.71%	2.81%	2.44%	2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,809.00
(-) Cash Dividends Paid (M)	8,006.00
(=) Cash Retained (M)	13,803.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,361.80	2,726.13	1,635.68
Cash Retained (M)	13,803.00	13,803.00	13,803.00
(-) Cash Required (M)	-4,361.80	-2,726.13	-1,635.68
(=) Excess Retained (M)	9,441.20	11,076.88	12,167.33
(/) Shares Outstanding (M)	77.27	77.27	77.27
(=) Excess Retained per Share	122.19	143.36	157.47
LTM Dividend per Share	103.62	103.62	103.62
(+) Excess Retained per Share	122.19	143.36	157.47
(=) Adjusted Dividend	225.81	246.98	261.09
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23,432.33	$52,605.85	$56,134.07
Upside / Downside	652.24%	1,588.79%	1,702.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,809.00	23,226.59	24,736.31	26,344.17	28,056.54	29,880.22	30,776.63
Payout Ratio	36.71%	47.37%	58.03%	68.68%	79.34%	90.00%	92.50%
Projected Dividends (M)	8,006.00	11,001.90	14,353.44	18,094.19	22,260.60	26,892.20	28,468.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,231.82	10,328.80	10,425.79
Year 2 PV (M)	12,414.42	12,650.88	12,889.57
Year 3 PV (M)	14,554.43	14,972.23	15,397.96
Year 4 PV (M)	16,652.45	17,292.86	17,951.56
Year 5 PV (M)	18,709.10	19,612.76	20,551.00
PV of Terminal Value (M)	563,196.21	590,398.80	618,642.49
Equity Value (M)	635,758.44	665,256.34	695,858.38
Shares Outstanding (M)	77.27	77.27	77.27
Fair Value	$8,228.16	$8,609.93	$9,005.99
Upside / Downside	164.15%	176.40%	189.12%

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The Sumitomo Warehouse Co., Ltd. (9303.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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