DDM Analysis: 6849.T

Valuation Snapshot

Stable Growth	$1,746.25 - $3,344.94	$2,387.75
Multi-Stage	$2,081.47 - $2,281.85	$2,179.78
Blended Fair Value	$2,283.77
Current Price	$1,690.50
Upside	35.09%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.35%	4.44%	31.12	36.42	34.98	29.55	18.18	18.18	18.20	18.28	18.29	18.47
YoY Growth	-	-	-14.54%	4.10%	18.40%	62.54%	-0.03%	-0.10%	-0.43%	-0.03%	-0.99%	-8.33%
Dividend Yield	-	-	1.81%	1.58%	1.82%	2.13%	1.15%	1.00%	1.23%	1.19%	1.41%	1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,159.00
(-) Cash Dividends Paid (M)	5,107.00
(=) Cash Retained (M)	13,052.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,631.80	2,269.88	1,361.93
Cash Retained (M)	13,052.00	13,052.00	13,052.00
(-) Cash Required (M)	-3,631.80	-2,269.88	-1,361.93
(=) Excess Retained (M)	9,420.20	10,782.13	11,690.08
(/) Shares Outstanding (M)	163.88	163.88	163.88
(=) Excess Retained per Share	57.48	65.79	71.33
LTM Dividend per Share	31.16	31.16	31.16
(+) Excess Retained per Share	57.48	65.79	71.33
(=) Adjusted Dividend	88.65	96.96	102.50
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.44%	3.44%	4.44%
Fair Value	$1,746.25	$2,387.75	$3,344.94
Upside / Downside	3.30%	41.25%	97.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,159.00	18,784.21	19,430.95	20,099.96	20,792.00	21,507.87	22,153.10
Payout Ratio	28.12%	40.50%	52.87%	65.25%	77.62%	90.00%	92.50%
Projected Dividends (M)	5,107.00	7,607.43	10,273.98	13,115.13	16,139.74	19,357.08	20,491.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.44%	3.44%	4.44%
Year 1 PV (M)	6,998.93	7,067.25	7,135.57
Year 2 PV (M)	8,696.14	8,866.74	9,039.00
Year 3 PV (M)	10,213.02	10,515.03	10,822.94
Year 4 PV (M)	11,563.04	12,021.19	12,492.81
Year 5 PV (M)	12,758.79	13,393.79	14,053.83
PV of Terminal Value (M)	290,879.13	305,356.14	320,403.92
Equity Value (M)	341,109.04	357,220.14	373,948.07
Shares Outstanding (M)	163.88	163.88	163.88
Fair Value	$2,081.47	$2,179.78	$2,281.85
Upside / Downside	23.13%	28.94%	34.98%

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Nihon Kohden Corporation (6849.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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