DDM Analysis: 9304.T

Valuation Snapshot

Stable Growth	$4,414.90 - $19,069.49	$10,728.51
Multi-Stage	$2,713.38 - $2,971.75	$2,840.17
Blended Fair Value	$6,784.34
Current Price	$1,158.00
Upside	485.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.55%	12.37%	29.73	23.81	21.16	14.82	13.50	12.70	12.03	13.90	10.59	10.59
YoY Growth	-	-	24.87%	12.51%	42.77%	9.81%	6.31%	5.50%	-13.41%	31.25%	0.00%	14.29%
Dividend Yield	-	-	2.95%	2.86%	3.03%	2.79%	2.55%	2.45%	2.82%	3.22%	2.33%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,548.00
(-) Cash Dividends Paid (M)	2,034.00
(=) Cash Retained (M)	3,514.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,109.60	693.50	416.10
Cash Retained (M)	3,514.00	3,514.00	3,514.00
(-) Cash Required (M)	-1,109.60	-693.50	-416.10
(=) Excess Retained (M)	2,404.40	2,820.50	3,097.90
(/) Shares Outstanding (M)	57.42	57.42	57.42
(=) Excess Retained per Share	41.87	49.12	53.95
LTM Dividend per Share	35.42	35.42	35.42
(+) Excess Retained per Share	41.87	49.12	53.95
(=) Adjusted Dividend	77.30	84.54	89.37
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$4,414.90	$10,728.51	$19,069.49
Upside / Downside	281.25%	826.47%	1,546.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,548.00	5,863.34	6,196.60	6,548.81	6,921.03	7,314.41	7,533.85
Payout Ratio	36.66%	47.33%	58.00%	68.66%	79.33%	90.00%	92.50%
Projected Dividends (M)	2,034.00	2,775.09	3,593.85	4,496.72	5,490.62	6,582.97	6,968.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	2,580.66	2,605.31	2,629.96
Year 2 PV (M)	3,107.90	3,167.56	3,227.79
Year 3 PV (M)	3,616.24	3,720.86	3,827.49
Year 4 PV (M)	4,106.16	4,265.32	4,429.06
Year 5 PV (M)	4,578.15	4,801.03	5,032.51
PV of Terminal Value (M)	137,814.98	144,524.39	151,492.60
Equity Value (M)	155,804.08	163,084.47	170,639.40
Shares Outstanding (M)	57.42	57.42	57.42
Fair Value	$2,713.38	$2,840.17	$2,971.75
Upside / Downside	134.32%	145.27%	156.63%

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The Shibusawa Warehouse Co., Ltd. (9304.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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