DDM Analysis: 9982.T

Valuation Snapshot

Stable Growth	$1,275.94 - $1,849.32	$1,554.37
Multi-Stage	$3,399.53 - $3,755.47	$3,573.90
Blended Fair Value	$2,564.13
Current Price	$1,737.00
Upside	47.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.21%	-3.18%	30.23	20.60	20.60	20.71	31.35	41.65	41.76	41.76	41.65	41.76
YoY Growth	-	-	46.74%	0.00%	-0.54%	-33.93%	-24.73%	-0.27%	0.00%	0.27%	-0.27%	0.00%
Dividend Yield	-	-	1.91%	1.84%	2.18%	2.01%	1.73%	2.45%	2.36%	1.78%	1.83%	1.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,607.00
(-) Cash Dividends Paid (M)	309.00
(=) Cash Retained (M)	1,298.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	321.40	200.88	120.53
Cash Retained (M)	1,298.00	1,298.00	1,298.00
(-) Cash Required (M)	-321.40	-200.88	-120.53
(=) Excess Retained (M)	976.60	1,097.13	1,177.48
(/) Shares Outstanding (M)	8.93	8.93	8.93
(=) Excess Retained per Share	109.33	122.83	131.82
LTM Dividend per Share	34.59	34.59	34.59
(+) Excess Retained per Share	109.33	122.83	131.82
(=) Adjusted Dividend	143.93	157.42	166.42
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-4.44%	-3.44%	-2.44%
Fair Value	$1,275.94	$1,554.37	$1,849.32
Upside / Downside	-26.54%	-10.51%	6.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,607.00	1,551.65	1,498.22	1,446.62	1,396.80	1,348.69	1,389.15
Payout Ratio	19.23%	33.38%	47.54%	61.69%	75.85%	90.00%	92.50%
Projected Dividends (M)	309.00	517.98	712.21	892.44	1,059.41	1,213.82	1,284.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-4.44%	-3.44%	-2.44%
Year 1 PV (M)	482.08	487.13	492.17
Year 2 PV (M)	616.90	629.88	642.99
Year 3 PV (M)	719.43	742.25	765.55
Year 4 PV (M)	794.83	828.63	863.49
Year 5 PV (M)	847.56	892.84	940.05
PV of Terminal Value (M)	26,904.57	28,342.13	29,840.50
Equity Value (M)	30,365.36	31,922.86	33,544.76
Shares Outstanding (M)	8.93	8.93	8.93
Fair Value	$3,399.53	$3,573.90	$3,755.47
Upside / Downside	95.71%	105.75%	116.20%

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Takihyo Co., Ltd. (9982.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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