DDM Analysis: 4041.T

Valuation Snapshot

Stable Growth	$27,807.63 - $55,986.19	$52,467.26
Multi-Stage	$8,595.07 - $9,410.57	$8,995.31
Blended Fair Value	$30,731.29
Current Price	$3,450.00
Upside	790.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	29.52%	18.47%	120.14	136.66	108.87	63.81	48.00	32.96	32.94	32.96	36.27	41.70
YoY Growth	-	-	-12.09%	25.52%	70.63%	32.93%	45.64%	0.06%	-0.06%	-9.14%	-13.01%	88.94%
Dividend Yield	-	-	3.96%	5.19%	4.21%	2.92%	2.99%	2.33%	2.35%	2.15%	2.34%	4.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,460.00
(-) Cash Dividends Paid (M)	4,950.00
(=) Cash Retained (M)	10,510.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,092.00	1,932.50	1,159.50
Cash Retained (M)	10,510.00	10,510.00	10,510.00
(-) Cash Required (M)	-3,092.00	-1,932.50	-1,159.50
(=) Excess Retained (M)	7,418.00	8,577.50	9,350.50
(/) Shares Outstanding (M)	54.92	54.92	54.92
(=) Excess Retained per Share	135.08	156.19	170.27
LTM Dividend per Share	90.14	90.14	90.14
(+) Excess Retained per Share	135.08	156.19	170.27
(=) Adjusted Dividend	225.21	246.33	260.40
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27,807.63	$52,467.26	$55,986.19
Upside / Downside	706.02%	1,420.79%	1,522.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,460.00	16,464.90	17,535.12	18,674.90	19,888.77	21,181.54	21,816.99
Payout Ratio	32.02%	43.61%	55.21%	66.81%	78.40%	90.00%	92.50%
Projected Dividends (M)	4,950.00	7,181.08	9,681.29	12,476.19	15,593.52	19,063.39	20,180.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,688.63	6,752.03	6,815.43
Year 2 PV (M)	8,399.00	8,558.98	8,720.47
Year 3 PV (M)	10,081.46	10,370.87	10,665.76
Year 4 PV (M)	11,736.35	12,187.70	12,651.94
Year 5 PV (M)	13,363.99	14,009.48	14,679.67
PV of Terminal Value (M)	421,748.26	442,118.86	463,269.09
Equity Value (M)	472,017.70	493,997.91	516,802.35
Shares Outstanding (M)	54.92	54.92	54.92
Fair Value	$8,595.07	$8,995.31	$9,410.57
Upside / Downside	149.13%	160.73%	172.77%

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Nippon Soda Co., Ltd. (4041.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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