DDM Analysis: 9435.T

Valuation Snapshot

Stable Growth	$28,668.15 - $48,194.15	$37,220.64
Multi-Stage	$23,408.92 - $25,500.09	$24,435.91
Blended Fair Value	$30,828.27
Current Price	$42,560.00
Upside	-27.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.11%	15.19%	687.68	590.66	540.85	497.14	461.80	406.17	353.40	302.09	233.46	185.04
YoY Growth	-	-	16.43%	9.21%	8.79%	7.65%	13.70%	14.93%	16.99%	29.40%	26.17%	10.64%
Dividend Yield	-	-	1.62%	1.97%	2.63%	3.57%	2.37%	1.65%	1.49%	1.55%	1.98%	2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	99,794.00
(-) Cash Dividends Paid (M)	29,166.00
(=) Cash Retained (M)	70,628.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19,958.80	12,474.25	7,484.55
Cash Retained (M)	70,628.00	70,628.00	70,628.00
(-) Cash Required (M)	-19,958.80	-12,474.25	-7,484.55
(=) Excess Retained (M)	50,669.20	58,153.75	63,143.45
(/) Shares Outstanding (M)	43.95	43.95	43.95
(=) Excess Retained per Share	1,152.95	1,323.26	1,436.79
LTM Dividend per Share	663.66	663.66	663.66
(+) Excess Retained per Share	1,152.95	1,323.26	1,436.79
(=) Adjusted Dividend	1,816.60	1,986.91	2,100.45
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28,668.15	$37,220.64	$48,194.15
Upside / Downside	-32.64%	-12.55%	13.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	99,794.00	106,280.61	113,188.85	120,546.12	128,381.62	136,726.43	140,828.22
Payout Ratio	29.23%	41.38%	53.54%	65.69%	77.85%	90.00%	92.50%
Projected Dividends (M)	29,166.00	43,979.94	60,596.47	79,187.33	99,938.98	123,053.79	130,266.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38,834.88	39,202.99	39,571.09
Year 2 PV (M)	47,247.85	48,147.79	49,056.22
Year 3 PV (M)	54,520.25	56,085.33	57,680.08
Year 4 PV (M)	60,758.13	63,094.72	65,498.06
Year 5 PV (M)	66,058.97	69,249.65	72,562.43
PV of Terminal Value (M)	761,343.51	798,116.69	836,297.26
Equity Value (M)	1,028,763.60	1,073,897.16	1,120,665.14
Shares Outstanding (M)	43.95	43.95	43.95
Fair Value	$23,408.92	$24,435.91	$25,500.09
Upside / Downside	-45.00%	-42.58%	-40.08%

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Hikari Tsushin, Inc. (9435.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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