DDM Analysis: 2802.T

Valuation Snapshot

Stable Growth	$4,181.16 - $20,812.04	$8,766.45
Multi-Stage	$2,321.50 - $2,536.73	$2,427.16
Blended Fair Value	$5,596.80
Current Price	$3,909.00
Upside	43.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.39%	12.69%	52.16	51.18	42.15	36.35	23.36	23.40	24.60	22.74	22.98	21.30
YoY Growth	-	-	1.90%	21.42%	15.98%	55.61%	-0.17%	-4.88%	8.15%	-1.03%	7.88%	34.81%
Dividend Yield	-	-	1.33%	1.78%	1.47%	2.20%	1.62%	2.61%	2.63%	2.17%	1.89%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78,522.00
(-) Cash Dividends Paid (M)	39,428.00
(=) Cash Retained (M)	39,094.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,704.40	9,815.25	5,889.15
Cash Retained (M)	39,094.00	39,094.00	39,094.00
(-) Cash Required (M)	-15,704.40	-9,815.25	-5,889.15
(=) Excess Retained (M)	23,389.60	29,278.75	33,204.85
(/) Shares Outstanding (M)	750.34	750.34	750.34
(=) Excess Retained per Share	31.17	39.02	44.25
LTM Dividend per Share	52.55	52.55	52.55
(+) Excess Retained per Share	31.17	39.02	44.25
(=) Adjusted Dividend	83.72	91.57	96.80
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,181.16	$8,766.45	$20,812.04
Upside / Downside	6.96%	124.26%	432.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78,522.00	83,625.93	89,061.62	94,850.62	101,015.91	107,581.94	110,809.40
Payout Ratio	50.21%	58.17%	66.13%	74.09%	82.04%	90.00%	92.50%
Projected Dividends (M)	39,428.00	48,645.32	58,894.32	70,270.15	82,876.01	96,823.75	102,498.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	44,779.74	45,204.19	45,628.64
Year 2 PV (M)	49,906.18	50,856.75	51,816.29
Year 3 PV (M)	54,814.10	56,387.61	57,990.96
Year 4 PV (M)	59,510.10	61,798.69	64,152.67
Year 5 PV (M)	64,000.62	67,091.87	70,301.44
PV of Terminal Value (M)	1,468,898.70	1,539,847.06	1,613,510.78
Equity Value (M)	1,741,909.43	1,821,186.18	1,903,400.77
Shares Outstanding (M)	750.34	750.34	750.34
Fair Value	$2,321.50	$2,427.16	$2,536.73
Upside / Downside	-40.61%	-37.91%	-35.11%

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Ajinomoto Co., Inc. (2802.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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