DDM Analysis: 4928.T

Valuation Snapshot

Stable Growth	$4,459.52 - $9,815.29	$6,414.80
Multi-Stage	$6,277.91 - $6,875.22	$6,570.96
Blended Fair Value	$6,492.88
Current Price	$4,465.00
Upside	45.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.39%	13.09%	224.94	220.22	214.93	209.80	205.00	199.88	179.97	155.61	124.49	103.70
YoY Growth	-	-	2.14%	2.47%	2.44%	2.34%	2.56%	11.06%	15.65%	25.00%	20.05%	57.77%
Dividend Yield	-	-	5.04%	4.50%	4.18%	3.62%	3.80%	4.37%	3.08%	3.26%	1.49%	2.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,030.00
(-) Cash Dividends Paid (M)	7,683.00
(=) Cash Retained (M)	347.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,606.00	1,003.75	602.25
Cash Retained (M)	347.00	347.00	347.00
(-) Cash Required (M)	-1,606.00	-1,003.75	-602.25
(=) Excess Retained (M)	-1,259.00	-656.75	-255.25
(/) Shares Outstanding (M)	34.16	34.16	34.16
(=) Excess Retained per Share	-36.86	-19.23	-7.47
LTM Dividend per Share	224.94	224.94	224.94
(+) Excess Retained per Share	-36.86	-19.23	-7.47
(=) Adjusted Dividend	188.08	205.71	217.47
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	2.12%	3.12%	4.12%
Fair Value	$4,459.52	$6,414.80	$9,815.29
Upside / Downside	-0.12%	43.67%	119.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,030.00	8,280.51	8,538.83	8,805.21	9,079.91	9,363.17	9,644.06
Payout Ratio	95.68%	94.54%	93.41%	92.27%	91.14%	90.00%	92.50%
Projected Dividends (M)	7,683.00	7,828.64	7,975.89	8,124.70	8,275.04	8,426.85	8,920.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	2.12%	3.12%	4.12%
Year 1 PV (M)	7,284.58	7,355.91	7,427.24
Year 2 PV (M)	6,905.82	7,041.73	7,178.97
Year 3 PV (M)	6,545.78	6,739.97	6,937.96
Year 4 PV (M)	6,203.58	6,450.17	6,704.03
Year 5 PV (M)	5,878.35	6,171.86	6,476.98
PV of Terminal Value (M)	181,610.47	190,678.37	200,104.93
Equity Value (M)	214,428.58	224,438.01	234,830.11
Shares Outstanding (M)	34.16	34.16	34.16
Fair Value	$6,277.91	$6,570.96	$6,875.22
Upside / Downside	40.60%	47.17%	53.98%

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Noevir Holdings Co., Ltd. (4928.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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