DDM Analysis: 138A.T

Valuation Snapshot

Stable Growth	$1,161.11 - $1,776.43	$1,448.67
Multi-Stage	$2,475.66 - $2,726.07	$2,598.40
Blended Fair Value	$2,023.54
Current Price	$2,386.00
Upside	-15.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	128.41
(-) Cash Dividends Paid (M)	39.61
(=) Cash Retained (M)	88.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.68	16.05	9.63
Cash Retained (M)	88.79	88.79	88.79
(-) Cash Required (M)	-25.68	-16.05	-9.63
(=) Excess Retained (M)	63.11	72.74	79.16
(/) Shares Outstanding (M)	0.99	0.99	0.99
(=) Excess Retained per Share	63.62	73.33	79.80
LTM Dividend per Share	39.93	39.93	39.93
(+) Excess Retained per Share	63.62	73.33	79.80
(=) Adjusted Dividend	103.55	113.26	119.73
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,161.11	$1,448.67	$1,776.43
Upside / Downside	-51.34%	-39.28%	-25.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	128.41	127.12	125.85	124.59	123.35	122.11	125.78
Payout Ratio	30.85%	42.68%	54.51%	66.34%	78.17%	90.00%	92.50%
Projected Dividends (M)	39.61	54.25	68.60	82.65	96.42	109.90	116.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50.32	50.83	51.34
Year 2 PV (M)	59.00	60.21	61.43
Year 3 PV (M)	65.93	67.96	70.04
Year 4 PV (M)	71.32	74.28	77.32
Year 5 PV (M)	75.39	79.32	83.40
PV of Terminal Value (M)	2,133.90	2,245.02	2,360.71
Equity Value (M)	2,455.85	2,577.61	2,704.26
Shares Outstanding (M)	0.99	0.99	0.99
Fair Value	$2,475.66	$2,598.40	$2,726.07
Upside / Downside	3.76%	8.90%	14.25%

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Hikari Food Service Co Ltd (138A.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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