DDM Analysis: 4612.T

Valuation Snapshot

Stable Growth	$5,958.00 - $13,840.62	$12,970.69
Multi-Stage	$2,028.73 - $2,221.64	$2,123.41
Blended Fair Value	$7,547.05
Current Price	$1,010.00
Upside	647.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2016
DPS	19.53%	19.90%	15.00	12.00	10.00	8.14	6.15	6.14	6.01	5.46	5.46	3.69
YoY Growth	-	-	25.00%	19.99%	22.83%	32.41%	0.04%	2.29%	9.99%	0.00%	48.15%	50.99%
Dividend Yield	-	-	1.34%	1.11%	0.81%	0.75%	0.39%	0.54%	0.66%	0.70%	0.70%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	163,471.00
(-) Cash Dividends Paid (M)	37,575.00
(=) Cash Retained (M)	125,896.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32,694.20	20,433.88	12,260.33
Cash Retained (M)	125,896.00	125,896.00	125,896.00
(-) Cash Required (M)	-32,694.20	-20,433.88	-12,260.33
(=) Excess Retained (M)	93,201.80	105,462.13	113,635.68
(/) Shares Outstanding (M)	2,348.90	2,348.90	2,348.90
(=) Excess Retained per Share	39.68	44.90	48.38
LTM Dividend per Share	16.00	16.00	16.00
(+) Excess Retained per Share	39.68	44.90	48.38
(=) Adjusted Dividend	55.68	60.90	64.37
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,958.00	$12,970.69	$13,840.62
Upside / Downside	489.90%	1,184.23%	1,270.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	163,471.00	174,096.62	185,412.89	197,464.73	210,299.94	223,969.44	230,688.52
Payout Ratio	22.99%	36.39%	49.79%	63.19%	76.60%	90.00%	92.50%
Projected Dividends (M)	37,575.00	63,351.29	92,319.74	124,786.44	161,083.75	201,572.49	213,386.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	58,934.06	59,492.68	60,051.29
Year 2 PV (M)	79,894.41	81,416.17	82,952.29
Year 3 PV (M)	100,461.59	103,345.49	106,284.05
Year 4 PV (M)	120,641.10	125,280.62	130,052.69
Year 5 PV (M)	140,438.35	147,221.58	154,264.41
PV of Terminal Value (M)	4,264,928.17	4,470,925.80	4,684,807.44
Equity Value (M)	4,765,297.69	4,987,682.33	5,218,412.17
Shares Outstanding (M)	2,348.90	2,348.90	2,348.90
Fair Value	$2,028.73	$2,123.41	$2,221.64
Upside / Downside	100.86%	110.24%	119.96%

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Nippon Paint Holdings Co., Ltd. (4612.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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