DDM Analysis: 6920.T

Valuation Snapshot

Stable Growth	$43,477.88 - $208,855.20	$94,223.73
Multi-Stage	$23,310.64 - $25,494.72	$24,382.72
Blended Fair Value	$59,303.23
Current Price	$20,305.00
Upside	192.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	54.40%	44.72%	271.81	200.85	116.91	86.93	46.96	30.98	18.98	19.98	12.74	11.49
YoY Growth	-	-	35.33%	71.80%	34.49%	85.10%	51.61%	63.16%	-5.00%	56.86%	10.87%	70.39%
Dividend Yield	-	-	1.34%	0.85%	0.50%	0.59%	0.18%	0.36%	0.56%	1.05%	1.10%	2.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94,779.00
(-) Cash Dividends Paid (M)	29,672.00
(=) Cash Retained (M)	65,107.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,955.80	11,847.38	7,108.43
Cash Retained (M)	65,107.00	65,107.00	65,107.00
(-) Cash Required (M)	-18,955.80	-11,847.38	-7,108.43
(=) Excess Retained (M)	46,151.20	53,259.63	57,998.58
(/) Shares Outstanding (M)	90.25	90.25	90.25
(=) Excess Retained per Share	511.37	590.13	642.64
LTM Dividend per Share	328.78	328.78	328.78
(+) Excess Retained per Share	511.37	590.13	642.64
(=) Adjusted Dividend	840.15	918.91	971.42
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43,477.88	$94,223.73	$208,855.20
Upside / Downside	114.12%	364.04%	928.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94,779.00	100,939.64	107,500.71	114,488.26	121,929.99	129,855.44	133,751.11
Payout Ratio	31.31%	43.05%	54.78%	66.52%	78.26%	90.00%	92.50%
Projected Dividends (M)	29,672.00	43,449.68	58,893.09	76,160.57	95,424.00	116,869.90	123,719.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40,024.41	40,403.78	40,783.16
Year 2 PV (M)	49,973.64	50,925.50	51,886.34
Year 3 PV (M)	59,531.28	61,240.21	62,981.53
Year 4 PV (M)	68,708.58	71,350.92	74,068.75
Year 5 PV (M)	77,516.54	81,260.61	85,147.99
PV of Terminal Value (M)	1,808,030.12	1,895,358.65	1,986,029.45
Equity Value (M)	2,103,784.56	2,200,539.67	2,300,897.21
Shares Outstanding (M)	90.25	90.25	90.25
Fair Value	$23,310.64	$24,382.72	$25,494.72
Upside / Downside	14.80%	20.08%	25.56%

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Lasertec Corporation (6920.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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