DDM Analysis: 5999.T

Valuation Snapshot

Stable Growth	$6,848.95 - $14,794.03	$9,786.28
Multi-Stage	$4,870.06 - $5,324.90	$5,093.34
Blended Fair Value	$7,439.81
Current Price	$2,200.13
Upside	238.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	15.10%	10.98%	45.51	44.77	42.37	42.18	32.68	22.52	23.82	21.69	16.06	16.06
YoY Growth	-	-	1.65%	5.66%	0.44%	29.10%	45.08%	-5.43%	9.79%	35.06%	0.00%	0.00%
Dividend Yield	-	-	2.15%	2.45%	2.95%	3.15%	1.42%	1.23%	3.16%	2.37%	1.98%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,868.00
(-) Cash Dividends Paid (M)	117.00
(=) Cash Retained (M)	3,751.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	773.60	483.50	290.10
Cash Retained (M)	3,751.00	3,751.00	3,751.00
(-) Cash Required (M)	-773.60	-483.50	-290.10
(=) Excess Retained (M)	2,977.40	3,267.50	3,460.90
(/) Shares Outstanding (M)	10.83	10.83	10.83
(=) Excess Retained per Share	274.83	301.61	319.46
LTM Dividend per Share	10.80	10.80	10.80
(+) Excess Retained per Share	274.83	301.61	319.46
(=) Adjusted Dividend	285.63	312.41	330.26
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,848.95	$9,786.28	$14,794.03
Upside / Downside	211.30%	344.80%	572.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,868.00	4,119.42	4,387.18	4,672.35	4,976.05	5,299.50	5,458.48
Payout Ratio	3.02%	20.42%	37.81%	55.21%	72.60%	90.00%	92.50%
Projected Dividends (M)	117.00	841.18	1,659.01	2,579.60	3,612.86	4,769.55	5,049.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	758.22	765.41	772.59
Year 2 PV (M)	1,347.91	1,373.58	1,399.50
Year 3 PV (M)	1,889.16	1,943.40	1,998.66
Year 4 PV (M)	2,384.92	2,476.64	2,570.98
Year 5 PV (M)	2,837.96	2,975.03	3,117.35
PV of Terminal Value (M)	43,541.53	45,644.60	47,828.16
Equity Value (M)	52,759.70	55,178.66	57,687.24
Shares Outstanding (M)	10.83	10.83	10.83
Fair Value	$4,870.06	$5,093.34	$5,324.90
Upside / Downside	121.35%	131.50%	142.03%

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Ihara Science Corporation (5999.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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