DDM Analysis: 6238.T

Valuation Snapshot

Stable Growth	$2,492.04 - $13,773.21	$4,797.64
Multi-Stage	$1,821.47 - $1,995.69	$1,906.96
Blended Fair Value	$3,352.30
Current Price	$1,103.00
Upside	203.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.97%	16.71%	38.94	37.94	53.73	37.20	41.33	32.06	32.06	32.06	26.71	8.71
YoY Growth	-	-	2.63%	-29.38%	44.44%	-10.00%	28.93%	0.00%	0.00%	20.00%	206.72%	4.91%
Dividend Yield	-	-	3.85%	3.61%	4.08%	3.30%	2.94%	3.10%	2.77%	3.37%	1.97%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,853.51
(-) Cash Dividends Paid (M)	515.42
(=) Cash Retained (M)	1,338.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	370.70	231.69	139.01
Cash Retained (M)	1,338.09	1,338.09	1,338.09
(-) Cash Required (M)	-370.70	-231.69	-139.01
(=) Excess Retained (M)	967.38	1,106.40	1,199.07
(/) Shares Outstanding (M)	26.48	26.48	26.48
(=) Excess Retained per Share	36.53	41.78	45.28
LTM Dividend per Share	19.46	19.46	19.46
(+) Excess Retained per Share	36.53	41.78	45.28
(=) Adjusted Dividend	56.00	61.25	64.75
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.36%	5.36%	6.36%
Fair Value	$2,492.04	$4,797.64	$13,773.21
Upside / Downside	125.93%	334.96%	1,148.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,853.51	1,952.88	2,057.59	2,167.91	2,284.15	2,406.62	2,478.82
Payout Ratio	27.81%	40.25%	52.68%	65.12%	77.56%	90.00%	92.50%
Projected Dividends (M)	515.42	785.96	1,084.04	1,411.81	1,771.62	2,165.96	2,292.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	4.36%	5.36%	6.36%
Year 1 PV (M)	729.57	736.56	743.55
Year 2 PV (M)	934.06	952.05	970.21
Year 3 PV (M)	1,129.22	1,161.99	1,195.39
Year 4 PV (M)	1,315.34	1,366.48	1,419.10
Year 5 PV (M)	1,492.73	1,565.64	1,641.36
PV of Terminal Value (M)	42,631.31	44,713.31	46,875.87
Equity Value (M)	48,232.24	50,496.03	52,845.48
Shares Outstanding (M)	26.48	26.48	26.48
Fair Value	$1,821.47	$1,906.96	$1,995.69
Upside / Downside	65.14%	72.89%	80.93%

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FURYU Corporation (6238.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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