DDM Analysis: 3291.T

Valuation Snapshot

Stable Growth	$2,178.98 - $3,624.66	$2,816.98
Multi-Stage	$3,672.24 - $4,039.38	$3,852.25
Blended Fair Value	$3,334.62
Current Price	$2,361.50
Upside	41.21%
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	7.14%	9.61%	90.82	91.12	92.98	91.34	64.37	64.34	63.30	63.33	47.72	39.42
YoY Growth	-	-	-0.32%	-2.01%	1.80%	41.90%	0.04%	1.65%	-0.05%	32.69%	21.05%	8.66%
Dividend Yield	-	-	4.47%	4.35%	3.83%	4.37%	2.25%	3.90%	3.51%	2.96%	2.55%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51,962.00
(-) Cash Dividends Paid (M)	6,307.50
(=) Cash Retained (M)	45,654.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,392.40	6,495.25	3,897.15
Cash Retained (M)	45,654.50	45,654.50	45,654.50
(-) Cash Required (M)	-10,392.40	-6,495.25	-3,897.15
(=) Excess Retained (M)	35,262.10	39,159.25	41,757.35
(/) Shares Outstanding (M)	277.82	277.82	277.82
(=) Excess Retained per Share	126.92	140.95	150.30
LTM Dividend per Share	22.70	22.70	22.70
(+) Excess Retained per Share	126.92	140.95	150.30
(=) Adjusted Dividend	149.63	163.65	173.01
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	0.08%	1.08%	2.08%
Fair Value	$2,178.98	$2,816.98	$3,624.66
Upside / Downside	-7.73%	19.29%	53.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51,962.00	52,522.91	53,089.87	53,662.94	54,242.21	54,827.73	56,472.56
Payout Ratio	12.14%	27.71%	43.28%	58.86%	74.43%	90.00%	92.50%
Projected Dividends (M)	6,307.50	14,554.59	22,979.00	31,583.58	40,371.25	49,344.96	52,237.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	0.08%	1.08%	2.08%
Year 1 PV (M)	13,473.93	13,608.56	13,743.19
Year 2 PV (M)	19,693.35	20,088.87	20,488.32
Year 3 PV (M)	25,057.86	25,816.53	26,590.36
Year 4 PV (M)	29,651.66	30,854.67	32,093.92
Year 5 PV (M)	33,551.65	35,261.73	37,040.85
PV of Terminal Value (M)	898,799.61	944,610.30	992,270.16
Equity Value (M)	1,020,228.06	1,070,240.66	1,122,226.80
Shares Outstanding (M)	277.82	277.82	277.82
Fair Value	$3,672.24	$3,852.25	$4,039.38
Upside / Downside	55.50%	63.13%	71.05%

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Iida Group Holdings Co., Ltd. (3291.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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