DDM Analysis: 6082.T

Valuation Snapshot

Stable Growth	$464.42 - $720.68	$582.99
Multi-Stage	$673.42 - $739.53	$705.84
Blended Fair Value	$644.42
Current Price	$1,002.00
Upside	-35.69%
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	6.72%	0.00%	14.87	29.86	31.07	32.83	21.50	10.74	10.77	10.66	10.54	10.33
YoY Growth	-	-	-50.20%	-3.90%	-5.35%	52.67%	100.12%	-0.25%	1.03%	1.14%	2.01%	0.00%
Dividend Yield	-	-	1.48%	2.84%	2.94%	2.72%	1.51%	0.41%	0.91%	0.55%	1.04%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	472.19
(-) Cash Dividends Paid (M)	72.38
(=) Cash Retained (M)	399.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.44	59.02	35.41
Cash Retained (M)	399.82	399.82	399.82
(-) Cash Required (M)	-94.44	-59.02	-35.41
(=) Excess Retained (M)	305.38	340.79	364.40
(/) Shares Outstanding (M)	9.78	9.78	9.78
(=) Excess Retained per Share	31.24	34.86	37.28
LTM Dividend per Share	7.40	7.40	7.40
(+) Excess Retained per Share	31.24	34.86	37.28
(=) Adjusted Dividend	38.64	42.26	44.68
WACC / Discount Rate	8.48%	8.48%	8.48%
Growth Rate	0.15%	1.15%	2.15%
Fair Value	$464.42	$582.99	$720.68
Upside / Downside	-53.65%	-41.82%	-28.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	472.19	477.62	483.10	488.65	494.27	499.95	514.94
Payout Ratio	15.33%	30.26%	45.20%	60.13%	75.07%	90.00%	92.50%
Projected Dividends (M)	72.38	144.54	218.35	293.83	371.02	449.95	476.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.48%	8.48%	8.48%
Growth Rate	0.15%	1.15%	2.15%
Year 1 PV (M)	131.92	133.24	134.56
Year 2 PV (M)	181.89	185.54	189.23
Year 3 PV (M)	223.40	230.16	237.06
Year 4 PV (M)	257.47	267.90	278.66
Year 5 PV (M)	284.98	299.49	314.59
PV of Terminal Value (M)	5,503.64	5,783.96	6,075.58
Equity Value (M)	6,583.30	6,900.30	7,229.67
Shares Outstanding (M)	9.78	9.78	9.78
Fair Value	$673.42	$705.84	$739.53
Upside / Downside	-32.79%	-29.56%	-26.19%

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RIDE ON EXPRESS HOLDINGS Co., Ltd. (6082.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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