DDM Analysis: 6804.T

Valuation Snapshot

Stable Growth	$5,207.75 - $14,942.67	$8,153.15
Multi-Stage	$5,359.54 - $5,877.98	$5,613.89
Blended Fair Value	$6,883.52
Current Price	$2,353.00
Upside	192.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.44%	17.32%	59.60	69.35	78.28	25.76	26.68	26.68	27.13	10.85	8.97	11.38
YoY Growth	-	-	-14.06%	-11.41%	203.83%	-3.42%	0.00%	-1.68%	150.17%	20.98%	-21.19%	-5.75%
Dividend Yield	-	-	2.69%	3.23%	4.35%	2.09%	2.68%	2.83%	2.20%	1.16%	0.70%	1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,719.00
(-) Cash Dividends Paid (M)	3,025.00
(=) Cash Retained (M)	8,694.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,343.80	1,464.88	878.93
Cash Retained (M)	8,694.00	8,694.00	8,694.00
(-) Cash Required (M)	-2,343.80	-1,464.88	-878.93
(=) Excess Retained (M)	6,350.20	7,229.13	7,815.08
(/) Shares Outstanding (M)	54.77	54.77	54.77
(=) Excess Retained per Share	115.95	132.00	142.69
LTM Dividend per Share	55.23	55.23	55.23
(+) Excess Retained per Share	115.95	132.00	142.69
(=) Adjusted Dividend	171.18	187.23	197.93
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.26%	4.26%	5.26%
Fair Value	$5,207.75	$8,153.15	$14,942.67
Upside / Downside	121.32%	246.50%	535.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,719.00	12,218.54	12,739.37	13,282.41	13,848.59	14,438.91	14,872.08
Payout Ratio	25.81%	38.65%	51.49%	64.33%	77.16%	90.00%	92.50%
Projected Dividends (M)	3,025.00	4,722.49	6,559.21	8,543.93	10,685.93	12,995.02	13,756.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.26%	4.26%	5.26%
Year 1 PV (M)	4,385.27	4,427.74	4,470.21
Year 2 PV (M)	5,655.90	5,765.98	5,877.11
Year 3 PV (M)	6,841.22	7,041.90	7,246.47
Year 4 PV (M)	7,945.36	8,257.64	8,579.02
Year 5 PV (M)	8,972.30	9,415.24	9,875.50
PV of Terminal Value (M)	259,729.87	272,552.00	285,875.59
Equity Value (M)	293,529.93	307,460.49	321,923.90
Shares Outstanding (M)	54.77	54.77	54.77
Fair Value	$5,359.54	$5,613.89	$5,877.98
Upside / Downside	127.77%	138.58%	149.81%

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Hosiden Corporation (6804.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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