DDM Analysis: 2301.T

Valuation Snapshot

Stable Growth	$8,333.28 - $27,719.76	$25,977.47
Multi-Stage	$3,613.72 - $3,954.97	$3,781.21
Blended Fair Value	$14,879.34
Current Price	$1,614.00
Upside	821.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.69%	11.40%	71.86	54.26	50.28	40.52	32.50	36.21	37.94	36.10	33.30	29.21
YoY Growth	-	-	32.42%	7.93%	24.09%	24.68%	-10.25%	-4.57%	5.09%	8.43%	13.98%	19.63%
Dividend Yield	-	-	4.45%	2.40%	2.81%	2.90%	3.35%	2.84%	1.67%	2.84%	1.95%	2.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,892.16
(-) Cash Dividends Paid (M)	548.13
(=) Cash Retained (M)	1,344.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	378.43	236.52	141.91
Cash Retained (M)	1,344.03	1,344.03	1,344.03
(-) Cash Required (M)	-378.43	-236.52	-141.91
(=) Excess Retained (M)	965.60	1,107.51	1,202.12
(/) Shares Outstanding (M)	13.58	13.58	13.58
(=) Excess Retained per Share	71.13	81.58	88.55
LTM Dividend per Share	40.38	40.38	40.38
(+) Excess Retained per Share	71.13	81.58	88.55
(=) Adjusted Dividend	111.51	121.96	128.93
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8,333.28	$25,977.47	$27,719.76
Upside / Downside	416.31%	1,509.51%	1,617.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,892.16	2,015.15	2,146.14	2,285.64	2,434.21	2,592.43	2,670.20
Payout Ratio	28.97%	41.17%	53.38%	65.59%	77.79%	90.00%	92.50%
Projected Dividends (M)	548.13	829.74	1,145.63	1,499.09	1,893.66	2,333.19	2,469.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.91%	6.91%	6.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	768.81	776.10	783.38
Year 2 PV (M)	983.56	1,002.30	1,021.21
Year 3 PV (M)	1,192.51	1,226.74	1,261.62
Year 4 PV (M)	1,395.77	1,449.44	1,504.65
Year 5 PV (M)	1,593.45	1,670.41	1,750.32
PV of Terminal Value (M)	43,123.21	45,206.08	47,368.66
Equity Value (M)	49,057.31	51,331.07	53,689.85
Shares Outstanding (M)	13.58	13.58	13.58
Fair Value	$3,613.72	$3,781.21	$3,954.97
Upside / Downside	123.90%	134.28%	145.04%

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Gakujo Co., Ltd. (2301.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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