DDM Analysis: 3543.T

Valuation Snapshot

Stable Growth	$1,817.48 - $3,278.52	$2,427.99
Multi-Stage	$2,890.16 - $3,173.18	$3,028.97
Blended Fair Value	$2,728.48
Current Price	$2,832.00
Upside	-3.66%
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	1.55%	0.00%	54.18	52.51	52.66	46.53	44.62	50.17	49.45	48.80	23.70	0.00
YoY Growth	-	-	3.18%	-0.29%	13.18%	4.29%	-11.07%	1.46%	1.34%	105.88%	0.00%	0.00%
Dividend Yield	-	-	1.91%	1.99%	1.99%	2.10%	2.21%	2.70%	2.40%	2.28%	1.20%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,912.00
(-) Cash Dividends Paid (M)	2,458.00
(=) Cash Retained (M)	3,454.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,182.40	739.00	443.40
Cash Retained (M)	3,454.00	3,454.00	3,454.00
(-) Cash Required (M)	-1,182.40	-739.00	-443.40
(=) Excess Retained (M)	2,271.60	2,715.00	3,010.60
(/) Shares Outstanding (M)	45.50	45.50	45.50
(=) Excess Retained per Share	49.93	59.67	66.17
LTM Dividend per Share	54.03	54.03	54.03
(+) Excess Retained per Share	49.93	59.67	66.17
(=) Adjusted Dividend	103.96	113.70	120.20
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.97%	1.97%	2.97%
Fair Value	$1,817.48	$2,427.99	$3,278.52
Upside / Downside	-35.82%	-14.27%	15.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,912.00	6,028.18	6,146.64	6,267.44	6,390.60	6,516.19	6,711.67
Payout Ratio	41.58%	51.26%	60.95%	70.63%	80.32%	90.00%	92.50%
Projected Dividends (M)	2,458.00	3,090.12	3,746.13	4,426.73	5,132.63	5,864.57	6,208.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.97%	1.97%	2.97%
Year 1 PV (M)	2,866.60	2,894.99	2,923.38
Year 2 PV (M)	3,223.79	3,287.96	3,352.77
Year 3 PV (M)	3,533.94	3,639.99	3,748.13
Year 4 PV (M)	3,801.09	3,953.93	4,111.34
Year 5 PV (M)	4,028.99	4,232.51	4,444.16
PV of Terminal Value (M)	114,037.45	119,797.80	125,788.61
Equity Value (M)	131,491.86	137,807.18	144,368.40
Shares Outstanding (M)	45.50	45.50	45.50
Fair Value	$2,890.16	$3,028.97	$3,173.18
Upside / Downside	2.05%	6.96%	12.05%

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KOMEDA Holdings Co., Ltd. (3543.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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