DDM Analysis: 9697.T

Valuation Snapshot

Stable Growth	$8,340.89 - $26,488.74	$24,823.83
Multi-Stage	$3,518.05 - $3,850.25	$3,681.10
Blended Fair Value	$14,252.47
Current Price	$4,933.00
Upside	188.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	31.58%	22.28%	40.22	34.10	25.98	20.91	12.74	10.20	8.50	6.55	6.68	5.33
YoY Growth	-	-	17.92%	31.27%	24.28%	64.04%	24.99%	20.01%	29.80%	-2.00%	25.40%	-1.02%
Dividend Yield	-	-	0.82%	1.12%	0.91%	1.27%	0.78%	1.04%	1.52%	0.96%	2.01%	1.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55,716.00
(-) Cash Dividends Paid (M)	17,065.00
(=) Cash Retained (M)	38,651.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,143.20	6,964.50	4,178.70
Cash Retained (M)	38,651.00	38,651.00	38,651.00
(-) Cash Required (M)	-11,143.20	-6,964.50	-4,178.70
(=) Excess Retained (M)	27,507.80	31,686.50	34,472.30
(/) Shares Outstanding (M)	418.31	418.31	418.31
(=) Excess Retained per Share	65.76	75.75	82.41
LTM Dividend per Share	40.80	40.80	40.80
(+) Excess Retained per Share	65.76	75.75	82.41
(=) Adjusted Dividend	106.55	116.54	123.20
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8,340.89	$24,823.83	$26,488.74
Upside / Downside	69.08%	403.22%	436.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55,716.00	59,337.54	63,194.48	67,302.12	71,676.76	76,335.75	78,625.82
Payout Ratio	30.63%	42.50%	54.38%	66.25%	78.13%	90.00%	92.50%
Projected Dividends (M)	17,065.00	25,220.14	34,363.34	44,588.61	55,997.98	68,702.17	72,728.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23,382.17	23,603.81	23,825.44
Year 2 PV (M)	29,537.27	30,099.87	30,667.78
Year 3 PV (M)	35,533.36	36,553.39	37,592.77
Year 4 PV (M)	41,373.49	42,964.59	44,601.16
Year 5 PV (M)	47,060.63	49,333.67	51,693.71
PV of Terminal Value (M)	1,294,752.10	1,357,289.11	1,422,219.56
Equity Value (M)	1,471,639.02	1,539,844.45	1,610,600.42
Shares Outstanding (M)	418.31	418.31	418.31
Fair Value	$3,518.05	$3,681.10	$3,850.25
Upside / Downside	-28.68%	-25.38%	-21.95%

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Capcom Co., Ltd. (9697.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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