DDM Analysis: 7989.T

Valuation Snapshot

Stable Growth	$1,691.15 - $2,727.05	$2,158.08
Multi-Stage	$3,482.81 - $3,832.83	$3,654.40
Blended Fair Value	$2,906.24
Current Price	$1,950.00
Upside	49.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.30%	13.70%	35.04	31.42	29.09	28.02	27.04	27.06	14.61	14.49	14.47	9.69
YoY Growth	-	-	11.52%	7.99%	3.82%	3.61%	-0.05%	85.24%	0.78%	0.15%	49.37%	-0.16%
Dividend Yield	-	-	2.31%	2.14%	2.17%	2.63%	1.96%	2.49%	1.21%	0.94%	1.60%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,192.67
(-) Cash Dividends Paid (M)	1,054.10
(=) Cash Retained (M)	2,138.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	638.53	399.08	239.45
Cash Retained (M)	2,138.57	2,138.57	2,138.57
(-) Cash Required (M)	-638.53	-399.08	-239.45
(=) Excess Retained (M)	1,500.03	1,739.48	1,899.11
(/) Shares Outstanding (M)	20.07	20.07	20.07
(=) Excess Retained per Share	74.74	86.67	94.62
LTM Dividend per Share	52.52	52.52	52.52
(+) Excess Retained per Share	74.74	86.67	94.62
(=) Adjusted Dividend	127.26	139.19	147.14
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-1.00%	0.00%	1.00%
Fair Value	$1,691.15	$2,158.08	$2,727.05
Upside / Downside	-13.27%	10.67%	39.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,192.67	3,192.52	3,192.37	3,192.21	3,192.06	3,191.91	3,287.67
Payout Ratio	33.02%	44.41%	55.81%	67.21%	78.60%	90.00%	92.50%
Projected Dividends (M)	1,054.10	1,417.90	1,781.65	2,145.38	2,509.06	2,872.72	3,041.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-1.00%	0.00%	1.00%
Year 1 PV (M)	1,318.73	1,332.05	1,345.37
Year 2 PV (M)	1,541.15	1,572.45	1,604.05
Year 3 PV (M)	1,725.99	1,778.82	1,832.72
Year 4 PV (M)	1,877.40	1,954.42	2,033.78
Year 5 PV (M)	1,999.17	2,102.20	2,209.44
PV of Terminal Value (M)	61,438.88	64,605.34	67,901.02
Equity Value (M)	69,901.32	73,345.27	76,926.38
Shares Outstanding (M)	20.07	20.07	20.07
Fair Value	$3,482.81	$3,654.40	$3,832.83
Upside / Downside	78.61%	87.41%	96.56%

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Tachikawa Corporation (7989.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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