DDM Analysis: 9902.T

Valuation Snapshot

Stable Growth	$7,775.12 - $33,806.48	$18,745.74
Multi-Stage	$4,769.84 - $5,227.43	$4,994.38
Blended Fair Value	$11,870.06
Current Price	$2,721.00
Upside	336.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.14%	15.04%	96.77	69.08	69.01	42.48	47.79	47.83	42.51	37.16	34.59	29.31
YoY Growth	-	-	40.08%	0.10%	62.47%	-11.12%	-0.07%	12.50%	14.39%	7.44%	18.01%	23.01%
Dividend Yield	-	-	3.51%	1.82%	2.88%	2.25%	2.22%	2.03%	2.23%	1.74%	1.77%	1.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,062.00
(-) Cash Dividends Paid (M)	986.50
(=) Cash Retained (M)	4,075.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,012.40	632.75	379.65
Cash Retained (M)	4,075.50	4,075.50	4,075.50
(-) Cash Required (M)	-1,012.40	-632.75	-379.65
(=) Excess Retained (M)	3,063.10	3,442.75	3,695.85
(/) Shares Outstanding (M)	29.54	29.54	29.54
(=) Excess Retained per Share	103.68	116.53	125.09
LTM Dividend per Share	33.39	33.39	33.39
(+) Excess Retained per Share	103.68	116.53	125.09
(=) Adjusted Dividend	137.07	149.92	158.48
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.66%	5.66%	6.66%
Fair Value	$7,775.12	$18,745.74	$33,806.48
Upside / Downside	185.74%	588.93%	1,142.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,062.00	5,348.35	5,650.91	5,970.58	6,308.33	6,665.19	6,865.14
Payout Ratio	19.49%	33.59%	47.69%	61.80%	75.90%	90.00%	92.50%
Projected Dividends (M)	986.50	1,796.55	2,695.09	3,689.54	4,787.87	5,998.67	6,350.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.66%	5.66%	6.66%
Year 1 PV (M)	1,670.90	1,686.87	1,702.84
Year 2 PV (M)	2,331.30	2,376.06	2,421.25
Year 3 PV (M)	2,968.31	3,054.22	3,141.76
Year 4 PV (M)	3,582.56	3,721.46	3,864.36
Year 5 PV (M)	4,174.63	4,377.92	4,589.05
PV of Terminal Value (M)	126,196.85	132,342.24	138,724.75
Equity Value (M)	140,924.55	147,558.77	154,444.01
Shares Outstanding (M)	29.54	29.54	29.54
Fair Value	$4,769.84	$4,994.38	$5,227.43
Upside / Downside	75.30%	83.55%	92.11%

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NICHIDEN Corporation (9902.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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