DDM Analysis: 7965.T

Valuation Snapshot

Stable Growth	$1,599.48 - $3,410.76	$2,275.27
Multi-Stage	$2,218.26 - $2,434.87	$2,324.51
Blended Fair Value	$2,299.89
Current Price	$1,751.00
Upside	31.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.97%	15.59%	35.23	35.23	37.26	28.99	26.93	28.99	26.89	23.76	22.74	14.47
YoY Growth	-	-	0.00%	-5.47%	28.53%	7.68%	-7.13%	7.80%	13.22%	4.44%	57.14%	75.00%
Dividend Yield	-	-	2.30%	2.52%	2.26%	2.00%	1.51%	1.74%	2.26%	1.77%	1.52%	0.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,726.00
(-) Cash Dividends Paid (M)	2,081.50
(=) Cash Retained (M)	3,644.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,145.20	715.75	429.45
Cash Retained (M)	3,644.50	3,644.50	3,644.50
(-) Cash Required (M)	-1,145.20	-715.75	-429.45
(=) Excess Retained (M)	2,499.30	2,928.75	3,215.05
(/) Shares Outstanding (M)	65.29	65.29	65.29
(=) Excess Retained per Share	38.28	44.86	49.24
LTM Dividend per Share	31.88	31.88	31.88
(+) Excess Retained per Share	38.28	44.86	49.24
(=) Adjusted Dividend	70.16	76.74	81.12
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	1.97%	2.97%	3.97%
Fair Value	$1,599.48	$2,275.27	$3,410.76
Upside / Downside	-8.65%	29.94%	94.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,726.00	5,896.16	6,071.38	6,251.81	6,437.60	6,628.91	6,827.78
Payout Ratio	36.35%	47.08%	57.81%	68.54%	79.27%	90.00%	92.50%
Projected Dividends (M)	2,081.50	2,776.00	3,509.93	4,285.04	5,103.11	5,966.02	6,315.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	1.97%	2.97%	3.97%
Year 1 PV (M)	2,582.60	2,607.92	2,633.25
Year 2 PV (M)	3,037.91	3,097.78	3,158.24
Year 3 PV (M)	3,450.39	3,552.90	3,657.42
Year 4 PV (M)	3,822.84	3,975.02	4,131.70
Year 5 PV (M)	4,157.90	4,365.82	4,581.97
PV of Terminal Value (M)	127,780.75	134,170.34	140,813.02
Equity Value (M)	144,832.39	151,769.78	158,975.60
Shares Outstanding (M)	65.29	65.29	65.29
Fair Value	$2,218.26	$2,324.51	$2,434.87
Upside / Downside	26.69%	32.75%	39.06%

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Zojirushi Corporation (7965.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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