DDM Analysis: 7984.T

Valuation Snapshot

Stable Growth	$10,738.43 - $20,163.18	$18,895.85
Multi-Stage	$3,175.98 - $3,476.15	$3,323.31
Blended Fair Value	$11,109.58
Current Price	$826.80
Upside	1,243.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.02%	16.54%	41.60	35.93	31.38	24.47	23.97	20.66	18.87	16.80	10.50	9.02
YoY Growth	-	-	15.78%	14.51%	28.24%	2.08%	16.02%	9.50%	12.33%	60.01%	16.44%	0.11%
Dividend Yield	-	-	5.83%	5.73%	6.68%	6.06%	5.59%	5.47%	4.54%	3.21%	2.93%	2.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,972.00
(-) Cash Dividends Paid (M)	8,792.00
(=) Cash Retained (M)	11,180.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,994.40	2,496.50	1,497.90
Cash Retained (M)	11,180.00	11,180.00	11,180.00
(-) Cash Required (M)	-3,994.40	-2,496.50	-1,497.90
(=) Excess Retained (M)	7,185.60	8,683.50	9,682.10
(/) Shares Outstanding (M)	196.99	196.99	196.99
(=) Excess Retained per Share	36.48	44.08	49.15
LTM Dividend per Share	44.63	44.63	44.63
(+) Excess Retained per Share	36.48	44.08	49.15
(=) Adjusted Dividend	81.11	88.71	93.78
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,738.43	$18,895.85	$20,163.18
Upside / Downside	1,198.79%	2,185.42%	2,338.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,972.00	21,270.18	22,652.74	24,125.17	25,693.31	27,363.37	28,184.27
Payout Ratio	44.02%	53.22%	62.41%	71.61%	80.80%	90.00%	92.50%
Projected Dividends (M)	8,792.00	11,319.42	14,138.25	17,275.71	20,761.30	24,627.03	26,070.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,548.88	10,648.87	10,748.86
Year 2 PV (M)	12,278.93	12,512.81	12,748.90
Year 3 PV (M)	13,982.45	14,383.83	14,792.83
Year 4 PV (M)	15,659.73	16,261.96	16,881.40
Year 5 PV (M)	17,311.08	18,147.22	19,015.35
PV of Terminal Value (M)	555,853.83	582,701.78	610,577.26
Equity Value (M)	625,634.90	654,656.47	684,764.59
Shares Outstanding (M)	196.99	196.99	196.99
Fair Value	$3,175.98	$3,323.31	$3,476.15
Upside / Downside	284.13%	301.95%	320.43%

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Kokuyo Co., Ltd. (7984.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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