DDM Analysis: 6981.T

Valuation Snapshot

Stable Growth	$3,082.94 - $8,790.64	$4,817.78
Multi-Stage	$3,216.71 - $3,525.13	$3,368.03
Blended Fair Value	$4,092.91
Current Price	$2,815.50
Upside	45.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.13%	12.33%	54.79	50.95	49.63	41.41	36.24	32.32	31.06	27.54	25.18	22.84
YoY Growth	-	-	7.54%	2.65%	19.85%	14.29%	12.10%	4.08%	12.77%	9.36%	10.27%	33.33%
Dividend Yield	-	-	2.54%	1.56%	1.81%	1.68%	1.28%	1.54%	1.83%	1.33%	1.33%	1.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235,877.00
(-) Cash Dividends Paid (M)	106,443.00
(=) Cash Retained (M)	129,434.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47,175.40	29,484.63	17,690.78
Cash Retained (M)	129,434.00	129,434.00	129,434.00
(-) Cash Required (M)	-47,175.40	-29,484.63	-17,690.78
(=) Excess Retained (M)	82,258.60	99,949.38	111,743.23
(/) Shares Outstanding (M)	1,854.00	1,854.00	1,854.00
(=) Excess Retained per Share	44.37	53.91	60.27
LTM Dividend per Share	57.41	57.41	57.41
(+) Excess Retained per Share	44.37	53.91	60.27
(=) Adjusted Dividend	101.78	111.32	117.68
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.27%	4.27%	5.27%
Fair Value	$3,082.94	$4,817.78	$8,790.64
Upside / Downside	9.50%	71.12%	212.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235,877.00	245,939.17	256,430.57	267,369.52	278,775.11	290,667.25	299,387.27
Payout Ratio	45.13%	54.10%	63.08%	72.05%	81.03%	90.00%	92.50%
Projected Dividends (M)	106,443.00	133,056.01	161,745.87	192,641.33	225,878.36	261,600.53	276,933.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.27%	4.27%	5.27%
Year 1 PV (M)	123,533.89	124,730.16	125,926.43
Year 2 PV (M)	139,423.63	142,136.99	144,876.50
Year 3 PV (M)	154,171.56	158,693.95	163,303.92
Year 4 PV (M)	167,834.42	174,430.53	181,219.18
Year 5 PV (M)	180,466.51	189,375.35	198,632.59
PV of Terminal Value (M)	5,198,339.40	5,454,958.49	5,721,613.50
Equity Value (M)	5,963,769.42	6,244,325.47	6,535,572.12
Shares Outstanding (M)	1,854.00	1,854.00	1,854.00
Fair Value	$3,216.71	$3,368.03	$3,525.13
Upside / Downside	14.25%	19.62%	25.20%

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Murata Manufacturing Co., Ltd. (6981.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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