DDM Analysis: 7744.T

Valuation Snapshot

Stable Growth	$10,528.16 - $22,037.34	$20,652.22
Multi-Stage	$3,396.44 - $3,715.82	$3,553.20
Blended Fair Value	$12,102.71
Current Price	$1,529.00
Upside	691.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	49.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,894.00
(-) Cash Dividends Paid (M)	6,461.00
(=) Cash Retained (M)	5,433.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,378.80	1,486.75	892.05
Cash Retained (M)	5,433.00	5,433.00	5,433.00
(-) Cash Required (M)	-2,378.80	-1,486.75	-892.05
(=) Excess Retained (M)	3,054.20	3,946.25	4,540.95
(/) Shares Outstanding (M)	107.34	107.34	107.34
(=) Excess Retained per Share	28.45	36.77	42.31
LTM Dividend per Share	60.19	60.19	60.19
(+) Excess Retained per Share	28.45	36.77	42.31
(=) Adjusted Dividend	88.65	96.96	102.50
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,528.16	$20,652.22	$22,037.34
Upside / Downside	588.57%	1,250.70%	1,341.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,894.00	12,667.11	13,490.47	14,367.35	15,301.23	16,295.81	16,784.69
Payout Ratio	54.32%	61.46%	68.59%	75.73%	82.86%	90.00%	92.50%
Projected Dividends (M)	6,461.00	7,784.85	9,253.51	10,880.20	12,679.26	14,666.23	15,525.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,248.69	7,317.39	7,386.10
Year 2 PV (M)	8,022.77	8,175.58	8,329.83
Year 3 PV (M)	8,783.42	9,035.56	9,292.48
Year 4 PV (M)	9,530.80	9,897.33	10,274.33
Year 5 PV (M)	10,265.10	10,760.90	11,275.69
PV of Terminal Value (M)	320,711.96	336,202.47	352,285.83
Equity Value (M)	364,562.72	381,389.23	398,844.26
Shares Outstanding (M)	107.34	107.34	107.34
Fair Value	$3,396.44	$3,553.20	$3,715.82
Upside / Downside	122.13%	132.39%	143.02%

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Noritsu Koki Co., Ltd. (7744.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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