DDM Analysis: 9405.T

Valuation Snapshot

Stable Growth	$1,011.52 - $1,465.22	$1,231.88
Multi-Stage	$1,449.93 - $1,594.09	$1,520.62
Blended Fair Value	$1,376.25
Current Price	$777.00
Upside	77.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-14.62%	-2.61%	12.00	12.00	26.99	11.78	13.72	26.44	19.57	26.39	17.60	20.53
YoY Growth	-	-	0.00%	-55.55%	129.07%	-14.14%	-48.10%	35.13%	-25.86%	49.93%	-14.24%	31.24%
Dividend Yield	-	-	1.75%	1.78%	4.08%	1.80%	1.95%	3.43%	2.72%	3.17%	2.16%	3.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,756.00
(-) Cash Dividends Paid (M)	125.00
(=) Cash Retained (M)	5,631.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,151.20	719.50	431.70
Cash Retained (M)	5,631.00	5,631.00	5,631.00
(-) Cash Required (M)	-1,151.20	-719.50	-431.70
(=) Excess Retained (M)	4,479.80	4,911.50	5,199.30
(/) Shares Outstanding (M)	41.75	41.75	41.75
(=) Excess Retained per Share	107.30	117.64	124.53
LTM Dividend per Share	2.99	2.99	2.99
(+) Excess Retained per Share	107.30	117.64	124.53
(=) Adjusted Dividend	110.29	120.63	127.53
WACC / Discount Rate	9.59%	9.59%	9.59%
Growth Rate	-1.19%	-0.19%	0.81%
Fair Value	$1,011.52	$1,231.88	$1,465.22
Upside / Downside	30.18%	58.54%	88.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,756.00	5,745.33	5,734.69	5,724.06	5,713.45	5,702.87	5,873.95
Payout Ratio	2.17%	19.74%	37.30%	54.87%	72.43%	90.00%	92.50%
Projected Dividends (M)	125.00	1,133.97	2,139.21	3,140.72	4,138.50	5,132.58	5,433.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.59%	9.59%	9.59%
Growth Rate	-1.19%	-0.19%	0.81%
Year 1 PV (M)	1,024.38	1,034.75	1,045.12
Year 2 PV (M)	1,745.71	1,781.22	1,817.09
Year 3 PV (M)	2,315.30	2,386.30	2,458.75
Year 4 PV (M)	2,756.01	2,869.28	2,986.00
Year 5 PV (M)	3,087.68	3,247.11	3,413.06
PV of Terminal Value (M)	49,606.48	52,167.88	54,834.01
Equity Value (M)	60,535.57	63,486.55	66,554.03
Shares Outstanding (M)	41.75	41.75	41.75
Fair Value	$1,449.93	$1,520.62	$1,594.09
Upside / Downside	86.61%	95.70%	105.16%

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Asahi Broadcasting Group Holdings Corporation (9405.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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