DDM Analysis: 3923.T

Valuation Snapshot

Stable Growth	$496.93 - $1,065.15	$708.12
Multi-Stage	$353.91 - $386.97	$370.14
Blended Fair Value	$539.13
Current Price	$1,158.25
Upside	-53.45%
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	16.37%	31.92%	1.17	0.97	0.95	0.88	0.80	0.55	0.36	0.24	0.15	0.11
YoY Growth	-	-	20.40%	2.62%	8.52%	9.36%	45.56%	51.58%	48.72%	62.50%	42.95%	42.86%
Dividend Yield	-	-	0.10%	0.10%	0.08%	0.11%	0.05%	0.12%	0.11%	0.10%	0.11%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,469.00
(-) Cash Dividends Paid (M)	212.50
(=) Cash Retained (M)	9,256.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,893.80	1,183.63	710.18
Cash Retained (M)	9,256.50	9,256.50	9,256.50
(-) Cash Required (M)	-1,893.80	-1,183.63	-710.18
(=) Excess Retained (M)	7,362.70	8,072.88	8,546.33
(/) Shares Outstanding (M)	362.12	362.12	362.12
(=) Excess Retained per Share	20.33	22.29	23.60
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	20.33	22.29	23.60
(=) Adjusted Dividend	20.92	22.88	24.19
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$496.93	$708.12	$1,065.15
Upside / Downside	-57.10%	-38.86%	-8.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,469.00	10,084.49	10,739.98	11,438.07	12,181.55	12,973.35	13,362.55
Payout Ratio	2.24%	19.80%	37.35%	54.90%	72.45%	90.00%	92.50%
Projected Dividends (M)	212.50	1,996.26	4,011.01	6,279.24	8,825.39	11,676.02	12,360.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,798.70	1,815.75	1,832.80
Year 2 PV (M)	3,256.41	3,318.43	3,381.04
Year 3 PV (M)	4,593.41	4,725.27	4,859.63
Year 4 PV (M)	5,817.08	6,040.78	6,270.88
Year 5 PV (M)	6,934.39	7,269.32	7,617.07
PV of Terminal Value (M)	105,758.51	110,866.68	116,170.36
Equity Value (M)	128,158.49	134,036.24	140,131.79
Shares Outstanding (M)	362.12	362.12	362.12
Fair Value	$353.91	$370.14	$386.97
Upside / Downside	-69.44%	-68.04%	-66.59%

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Rakus Co., Ltd. (3923.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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