DDM Analysis: 3132.T

Valuation Snapshot

Stable Growth	$6,201.16 - $29,790.49	$13,438.11
Multi-Stage	$3,396.99 - $3,711.25	$3,551.26
Blended Fair Value	$8,494.69
Current Price	$1,941.00
Upside	337.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	33.73%	28.93%	90.47	62.93	52.18	27.11	20.77	21.15	24.17	12.95	22.42	8.37
YoY Growth	-	-	43.76%	20.60%	92.48%	30.55%	-1.81%	-12.49%	86.64%	-42.25%	167.95%	17.40%
Dividend Yield	-	-	4.66%	2.78%	2.64%	3.11%	2.33%	4.09%	4.71%	2.09%	4.10%	2.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,340.00
(-) Cash Dividends Paid (M)	12,581.00
(=) Cash Retained (M)	9,759.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,468.00	2,792.50	1,675.50
Cash Retained (M)	9,759.00	9,759.00	9,759.00
(-) Cash Required (M)	-4,468.00	-2,792.50	-1,675.50
(=) Excess Retained (M)	5,291.00	6,966.50	8,083.50
(/) Shares Outstanding (M)	149.14	149.14	149.14
(=) Excess Retained per Share	35.48	46.71	54.20
LTM Dividend per Share	84.36	84.36	84.36
(+) Excess Retained per Share	35.48	46.71	54.20
(=) Adjusted Dividend	119.84	131.07	138.56
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,201.16	$13,438.11	$29,790.49
Upside / Downside	219.48%	592.33%	1,434.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,340.00	23,792.10	25,338.59	26,985.59	28,739.66	30,607.74	31,525.97
Payout Ratio	56.32%	63.05%	69.79%	76.53%	83.26%	90.00%	92.50%
Projected Dividends (M)	12,581.00	15,001.59	17,683.70	20,651.11	23,929.56	27,546.96	29,161.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,818.95	13,949.94	14,080.92
Year 2 PV (M)	15,005.44	15,291.25	15,579.76
Year 3 PV (M)	16,141.98	16,605.36	17,077.52
Year 4 PV (M)	17,230.03	17,892.65	18,574.19
Year 5 PV (M)	18,271.02	19,153.52	20,069.79
PV of Terminal Value (M)	426,149.15	446,732.31	468,103.24
Equity Value (M)	506,616.57	529,625.02	553,485.43
Shares Outstanding (M)	149.14	149.14	149.14
Fair Value	$3,396.99	$3,551.26	$3,711.25
Upside / Downside	75.01%	82.96%	91.20%

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Macnica Fuji Electronics Holdings, Inc. (3132.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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