DDM Analysis: 5393.T

Valuation Snapshot

Stable Growth	$21,033.89 - $92,807.39	$49,856.11
Multi-Stage	$13,686.17 - $15,001.48	$14,331.59
Blended Fair Value	$32,093.85
Current Price	$5,558.00
Upside	477.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.47%	13.32%	104.16	96.61	92.63	84.35	78.24	76.12	66.22	58.51	49.50	35.25
YoY Growth	-	-	7.81%	4.31%	9.81%	7.82%	2.77%	14.96%	13.19%	18.19%	40.42%	18.22%
Dividend Yield	-	-	1.89%	2.03%	3.10%	3.74%	2.80%	3.39%	3.30%	2.11%	1.91%	2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,353.00
(-) Cash Dividends Paid (M)	7,015.00
(=) Cash Retained (M)	23,338.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,070.60	3,794.13	2,276.48
Cash Retained (M)	23,338.00	23,338.00	23,338.00
(-) Cash Required (M)	-6,070.60	-3,794.13	-2,276.48
(=) Excess Retained (M)	17,267.40	19,543.88	21,061.53
(/) Shares Outstanding (M)	64.42	64.42	64.42
(=) Excess Retained per Share	268.04	303.38	326.94
LTM Dividend per Share	108.89	108.89	108.89
(+) Excess Retained per Share	268.04	303.38	326.94
(=) Adjusted Dividend	376.93	412.27	435.83
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	4.47%	5.47%	6.47%
Fair Value	$21,033.89	$49,856.11	$92,807.39
Upside / Downside	278.44%	797.02%	1,569.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,353.00	32,013.84	33,765.56	35,613.13	37,561.79	39,617.08	40,805.59
Payout Ratio	23.11%	36.49%	49.87%	63.24%	76.62%	90.00%	92.50%
Projected Dividends (M)	7,015.00	11,681.57	16,837.82	22,523.37	28,780.70	35,655.37	37,745.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	4.47%	5.47%	6.47%
Year 1 PV (M)	10,880.56	10,984.70	11,088.85
Year 2 PV (M)	14,607.83	14,888.82	15,172.49
Year 3 PV (M)	18,200.50	18,728.16	19,265.93
Year 4 PV (M)	21,662.15	22,503.53	23,369.18
Year 5 PV (M)	24,996.26	26,215.70	27,482.28
PV of Terminal Value (M)	791,324.79	829,929.46	870,026.31
Equity Value (M)	881,672.09	923,250.39	966,405.04
Shares Outstanding (M)	64.42	64.42	64.42
Fair Value	$13,686.17	$14,331.59	$15,001.48
Upside / Downside	146.24%	157.86%	169.91%

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Nichias Corporation (5393.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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