DDM Analysis: 1976.T

Valuation Snapshot

Stable Growth	$15,231.89 - $33,018.60	$30,943.26
Multi-Stage	$4,903.94 - $5,372.48	$5,133.88
Blended Fair Value	$18,038.57
Current Price	$1,500.00
Upside	1,102.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.14%	20.03%	62.95	39.50	33.26	32.06	32.04	32.49	30.21	17.19	11.93	9.94
YoY Growth	-	-	59.37%	18.75%	3.76%	0.06%	-1.41%	7.57%	75.70%	44.08%	20.08%	-2.05%
Dividend Yield	-	-	4.20%	2.96%	3.38%	4.55%	4.38%	4.07%	4.12%	2.13%	1.75%	2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,986.00
(-) Cash Dividends Paid (M)	1,001.00
(=) Cash Retained (M)	6,985.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,597.20	998.25	598.95
Cash Retained (M)	6,985.00	6,985.00	6,985.00
(-) Cash Required (M)	-1,597.20	-998.25	-598.95
(=) Excess Retained (M)	5,387.80	5,986.75	6,386.05
(/) Shares Outstanding (M)	48.10	48.10	48.10
(=) Excess Retained per Share	112.01	124.46	132.76
LTM Dividend per Share	20.81	20.81	20.81
(+) Excess Retained per Share	112.01	124.46	132.76
(=) Adjusted Dividend	132.82	145.27	153.57
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15,231.89	$30,943.26	$33,018.60
Upside / Downside	915.46%	1,962.88%	2,101.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,986.00	8,505.09	9,057.92	9,646.69	10,273.72	10,941.51	11,269.76
Payout Ratio	12.53%	28.03%	43.52%	59.01%	74.51%	90.00%	92.50%
Projected Dividends (M)	1,001.00	2,383.77	3,942.07	5,692.87	7,654.63	9,847.36	10,424.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,218.93	2,239.96	2,261.00
Year 2 PV (M)	3,415.73	3,480.79	3,546.46
Year 3 PV (M)	4,591.67	4,723.48	4,857.79
Year 4 PV (M)	5,747.03	5,968.04	6,195.37
Year 5 PV (M)	6,882.06	7,214.47	7,559.60
PV of Terminal Value (M)	213,027.00	223,316.28	233,999.36
Equity Value (M)	235,882.42	246,943.03	258,419.58
Shares Outstanding (M)	48.10	48.10	48.10
Fair Value	$4,903.94	$5,133.88	$5,372.48
Upside / Downside	226.93%	242.26%	258.17%

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MEISEI INDUSTRIAL Co.,Ltd. (1976.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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