DDM Analysis: 6479.T

Valuation Snapshot

Stable Growth	$11,085.49 - $30,694.82	$28,765.54
Multi-Stage	$4,273.98 - $4,678.55	$4,472.55
Blended Fair Value	$16,619.04
Current Price	$2,789.50
Upside	495.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.79%	14.66%	40.19	40.56	38.74	40.42	28.47	28.94	28.21	20.94	15.85	14.90
YoY Growth	-	-	-0.92%	4.70%	-4.16%	41.99%	-1.63%	2.60%	34.71%	32.07%	6.43%	45.61%
Dividend Yield	-	-	1.90%	1.22%	1.43%	1.75%	0.97%	1.48%	1.49%	1.12%	0.88%	2.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61,994.00
(-) Cash Dividends Paid (M)	18,096.00
(=) Cash Retained (M)	43,898.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,398.80	7,749.25	4,649.55
Cash Retained (M)	43,898.00	43,898.00	43,898.00
(-) Cash Required (M)	-12,398.80	-7,749.25	-4,649.55
(=) Excess Retained (M)	31,499.20	36,148.75	39,248.45
(/) Shares Outstanding (M)	401.67	401.67	401.67
(=) Excess Retained per Share	78.42	90.00	97.71
LTM Dividend per Share	45.05	45.05	45.05
(+) Excess Retained per Share	78.42	90.00	97.71
(=) Adjusted Dividend	123.47	135.05	142.77
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11,085.49	$28,765.54	$30,694.82
Upside / Downside	297.40%	931.21%	1,000.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61,994.00	66,023.61	70,315.14	74,885.63	79,753.19	84,937.15	87,485.27
Payout Ratio	29.19%	41.35%	53.51%	65.68%	77.84%	90.00%	92.50%
Projected Dividends (M)	18,096.00	27,302.04	37,628.41	49,181.86	62,078.28	76,443.44	80,923.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25,353.33	25,593.64	25,833.96
Year 2 PV (M)	32,448.57	33,066.62	33,690.51
Year 3 PV (M)	39,384.42	40,515.00	41,667.02
Year 4 PV (M)	46,163.52	47,938.84	49,764.88
Year 5 PV (M)	52,788.50	55,338.20	57,985.49
PV of Terminal Value (M)	1,520,573.10	1,594,017.35	1,670,272.48
Equity Value (M)	1,716,711.43	1,796,469.66	1,879,214.34
Shares Outstanding (M)	401.67	401.67	401.67
Fair Value	$4,273.98	$4,472.55	$4,678.55
Upside / Downside	53.22%	60.34%	67.72%

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MinebeaMitsumi Inc. (6479.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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