DDM Analysis: 7936.T

Valuation Snapshot

Stable Growth	$20,083.59 - $23,661.87	$22,174.64
Multi-Stage	$13,404.21 - $14,711.82	$14,045.80
Blended Fair Value	$18,110.22
Current Price	$3,872.00
Upside	367.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.27%	16.25%	20.31	12.52	7.16	9.20	4.60	6.33	9.38	6.23	6.22	6.22
YoY Growth	-	-	62.24%	74.85%	-22.20%	100.03%	-27.30%	-32.51%	50.61%	0.07%	0.00%	38.14%
Dividend Yield	-	-	0.65%	0.72%	0.76%	1.55%	1.04%	2.53%	2.48%	1.26%	1.39%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85,180.00
(-) Cash Dividends Paid (M)	15,796.00
(=) Cash Retained (M)	69,384.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17,036.00	10,647.50	6,388.50
Cash Retained (M)	69,384.00	69,384.00	69,384.00
(-) Cash Required (M)	-17,036.00	-10,647.50	-6,388.50
(=) Excess Retained (M)	52,348.00	58,736.50	62,995.50
(/) Shares Outstanding (M)	715.93	715.93	715.93
(=) Excess Retained per Share	73.12	82.04	87.99
LTM Dividend per Share	22.06	22.06	22.06
(+) Excess Retained per Share	73.12	82.04	87.99
(=) Adjusted Dividend	95.18	104.11	110.06
WACC / Discount Rate	2.65%	2.65%	2.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20,083.59	$22,174.64	$23,661.87
Upside / Downside	418.69%	472.69%	511.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85,180.00	90,716.70	96,613.29	102,893.15	109,581.20	116,703.98	120,205.10
Payout Ratio	18.54%	32.84%	47.13%	61.42%	75.71%	90.00%	92.50%
Projected Dividends (M)	15,796.00	29,787.20	45,530.51	63,194.61	82,962.67	105,033.58	111,189.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.65%	2.65%	2.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28,747.06	29,019.54	29,292.02
Year 2 PV (M)	42,406.26	43,213.98	44,029.32
Year 3 PV (M)	56,802.99	58,433.60	60,095.12
Year 4 PV (M)	71,967.70	74,735.38	77,582.12
Year 5 PV (M)	87,931.97	92,179.12	96,588.81
PV of Terminal Value (M)	9,308,576.22	9,758,183.93	10,224,999.19
Equity Value (M)	9,596,432.20	10,055,765.55	10,532,586.59
Shares Outstanding (M)	715.93	715.93	715.93
Fair Value	$13,404.21	$14,045.80	$14,711.82
Upside / Downside	246.18%	262.75%	279.95%

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ASICS Corporation (7936.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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