DDM Analysis: 7723.T

Valuation Snapshot

Stable Growth	$42,256.75 - $49,798.40	$46,662.46
Multi-Stage	$32,630.98 - $35,865.86	$34,217.77
Blended Fair Value	$40,440.11
Current Price	$2,798.00
Upside	1,345.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.12%	7.90%	67.72	64.60	46.79	43.35	39.97	39.97	43.15	36.66	33.34	33.34
YoY Growth	-	-	4.83%	38.06%	7.95%	8.46%	0.00%	-7.38%	17.73%	9.94%	0.00%	5.34%
Dividend Yield	-	-	2.98%	2.81%	3.10%	3.20%	2.79%	2.67%	3.08%	2.61%	2.64%	3.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,905.00
(-) Cash Dividends Paid (M)	253.00
(=) Cash Retained (M)	3,652.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	781.00	488.13	292.88
Cash Retained (M)	3,652.00	3,652.00	3,652.00
(-) Cash Required (M)	-781.00	-488.13	-292.88
(=) Excess Retained (M)	2,871.00	3,163.88	3,359.13
(/) Shares Outstanding (M)	15.39	15.39	15.39
(=) Excess Retained per Share	186.59	205.62	218.31
LTM Dividend per Share	16.44	16.44	16.44
(+) Excess Retained per Share	186.59	205.62	218.31
(=) Adjusted Dividend	203.03	222.07	234.76
WACC / Discount Rate	-1.46%	-1.46%	-1.46%
Growth Rate	4.06%	5.06%	6.06%
Fair Value	$42,256.75	$46,662.46	$49,798.40
Upside / Downside	1,410.25%	1,567.71%	1,679.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,905.00	4,102.74	4,310.50	4,528.77	4,758.10	4,999.04	5,149.01
Payout Ratio	6.48%	23.18%	39.89%	56.59%	73.30%	90.00%	92.50%
Projected Dividends (M)	253.00	951.14	1,719.34	2,562.90	3,487.48	4,499.13	4,762.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.46%	-1.46%	-1.46%
Growth Rate	4.06%	5.06%	6.06%
Year 1 PV (M)	956.02	965.20	974.39
Year 2 PV (M)	1,737.01	1,770.55	1,804.41
Year 3 PV (M)	2,602.50	2,678.25	2,755.45
Year 4 PV (M)	3,559.51	3,698.32	3,841.15
Year 5 PV (M)	4,615.59	4,841.66	5,076.50
PV of Terminal Value (M)	488,611.30	512,543.38	537,404.16
Equity Value (M)	502,081.92	526,497.36	551,856.06
Shares Outstanding (M)	15.39	15.39	15.39
Fair Value	$32,630.98	$34,217.77	$35,865.86
Upside / Downside	1,066.23%	1,122.94%	1,181.84%

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Aichi Tokei Denki Co., Ltd. (7723.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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