DDM Analysis: 2982.T

Valuation Snapshot

Stable Growth	$3,575.39 - $9,451.64	$8,857.57
Multi-Stage	$1,320.06 - $1,446.01	$1,381.87
Blended Fair Value	$5,119.72
Current Price	$293.00
Upside	1,647.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.80%	0.00%	9.14	8.05	3.36	2.19	3.83	2.39	13.44	1.60	1.59	1.59
YoY Growth	-	-	13.49%	139.26%	53.77%	-42.81%	60.32%	-82.24%	737.97%	0.57%	0.46%	0.00%
Dividend Yield	-	-	3.68%	3.11%	2.03%	1.46%	2.32%	1.30%	7.30%	0.87%	0.87%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,302.32
(-) Cash Dividends Paid (M)	268.00
(=) Cash Retained (M)	2,034.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	460.46	287.79	172.67
Cash Retained (M)	2,034.32	2,034.32	2,034.32
(-) Cash Required (M)	-460.46	-287.79	-172.67
(=) Excess Retained (M)	1,573.86	1,746.53	1,861.65
(/) Shares Outstanding (M)	48.44	48.44	48.44
(=) Excess Retained per Share	32.49	36.05	38.43
LTM Dividend per Share	5.53	5.53	5.53
(+) Excess Retained per Share	32.49	36.05	38.43
(=) Adjusted Dividend	38.02	41.58	43.96
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,575.39	$8,857.57	$9,451.64
Upside / Downside	1,120.27%	2,923.06%	3,125.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,302.32	2,451.97	2,611.35	2,781.09	2,961.86	3,154.38	3,249.01
Payout Ratio	11.64%	27.31%	42.98%	58.66%	74.33%	90.00%	92.50%
Projected Dividends (M)	268.00	669.69	1,122.47	1,631.28	2,201.49	2,838.94	3,005.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	622.20	628.10	634.00
Year 2 PV (M)	968.92	987.38	1,006.00
Year 3 PV (M)	1,308.27	1,345.83	1,384.10
Year 4 PV (M)	1,640.38	1,703.46	1,768.35
Year 5 PV (M)	1,965.35	2,060.27	2,158.83
PV of Terminal Value (M)	57,443.62	60,218.17	63,098.90
Equity Value (M)	63,948.74	66,943.20	70,050.18
Shares Outstanding (M)	48.44	48.44	48.44
Fair Value	$1,320.06	$1,381.87	$1,446.01
Upside / Downside	350.53%	371.63%	393.52%

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A.D.Works Group Co.,Ltd. (2982.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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