DDM Analysis: 6151.T

Valuation Snapshot

Stable Growth	$435.13 - $871.69	$605.17
Multi-Stage	$2,114.87 - $2,339.81	$2,225.05
Blended Fair Value	$1,415.11
Current Price	$1,750.00
Upside	-19.14%
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	-13.53%	-1.23%	36.02	60.76	44.19	45.85	37.19	74.49	85.55	63.53	57.87	47.72
YoY Growth	-	-	-40.72%	37.48%	-3.61%	23.28%	-50.07%	-12.93%	34.65%	9.79%	21.28%	17.04%
Dividend Yield	-	-	1.97%	2.51%	2.24%	3.07%	2.07%	4.18%	3.89%	2.45%	2.25%	2.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	512.00
(-) Cash Dividends Paid (M)	140.50
(=) Cash Retained (M)	371.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	102.40	64.00	38.40
Cash Retained (M)	371.50	371.50	371.50
(-) Cash Required (M)	-102.40	-64.00	-38.40
(=) Excess Retained (M)	269.10	307.50	333.10
(/) Shares Outstanding (M)	18.71	18.71	18.71
(=) Excess Retained per Share	14.38	16.43	17.80
LTM Dividend per Share	7.51	7.51	7.51
(+) Excess Retained per Share	14.38	16.43	17.80
(=) Adjusted Dividend	21.89	23.94	25.31
WACC / Discount Rate	1.63%	1.63%	1.63%
Growth Rate	-3.23%	-2.23%	-1.23%
Fair Value	$435.13	$605.17	$871.69
Upside / Downside	-75.14%	-65.42%	-50.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	512.00	500.57	489.39	478.47	467.78	457.34	471.06
Payout Ratio	27.44%	39.95%	52.46%	64.98%	77.49%	90.00%	92.50%
Projected Dividends (M)	140.50	199.99	256.76	310.89	362.48	411.61	435.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.63%	1.63%	1.63%
Growth Rate	-3.23%	-2.23%	-1.23%
Year 1 PV (M)	194.76	196.78	198.79
Year 2 PV (M)	243.51	248.57	253.68
Year 3 PV (M)	287.14	296.13	305.31
Year 4 PV (M)	326.03	339.71	353.83
Year 5 PV (M)	360.53	379.55	399.36
PV of Terminal Value (M)	38,166.45	40,179.71	42,277.04
Equity Value (M)	39,578.42	41,640.44	43,788.00
Shares Outstanding (M)	18.71	18.71	18.71
Fair Value	$2,114.87	$2,225.05	$2,339.81
Upside / Downside	20.85%	27.15%	33.70%

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Nitto Kohki Co., Ltd. (6151.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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