DDM Analysis: 8951.T

Valuation Snapshot

Stable Growth	$257,886.24 - $906,040.65	$426,490.87
Multi-Stage	$222,683.89 - $243,718.16	$233,006.53
Blended Fair Value	$329,748.70
Current Price	$132,900.00
Upside	148.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.27%	6.15%	4,915.85	4,599.65	4,996.60	4,406.94	3,651.50	3,460.69	3,157.09	2,987.04	2,727.87	2,568.04
YoY Growth	-	-	6.87%	-7.94%	13.38%	20.69%	5.51%	9.62%	5.69%	9.50%	6.22%	-5.11%
Dividend Yield	-	-	4.02%	3.76%	4.25%	3.29%	3.05%	2.18%	2.28%	2.71%	2.11%	2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79,312.40
(-) Cash Dividends Paid (M)	41,809.00
(=) Cash Retained (M)	37,503.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,862.48	9,914.05	5,948.43
Cash Retained (M)	37,503.40	37,503.40	37,503.40
(-) Cash Required (M)	-15,862.48	-9,914.05	-5,948.43
(=) Excess Retained (M)	21,640.92	27,589.35	31,554.97
(/) Shares Outstanding (M)	8.50	8.50	8.50
(=) Excess Retained per Share	2,544.50	3,243.90	3,710.17
LTM Dividend per Share	4,915.82	4,915.82	4,915.82
(+) Excess Retained per Share	2,544.50	3,243.90	3,710.17
(=) Adjusted Dividend	7,460.32	8,159.72	8,625.99
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	4.03%	5.03%	6.03%
Fair Value	$257,886.24	$426,490.87	$906,040.65
Upside / Downside	94.05%	220.91%	581.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79,312.40	83,302.14	87,492.58	91,893.82	96,516.46	101,371.63	104,412.78
Payout Ratio	52.71%	60.17%	67.63%	75.09%	82.54%	90.00%	92.50%
Projected Dividends (M)	41,809.00	50,124.12	59,170.01	68,999.15	79,667.45	91,234.47	96,581.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	4.03%	5.03%	6.03%
Year 1 PV (M)	46,381.67	46,827.52	47,273.36
Year 2 PV (M)	50,664.17	51,642.87	52,630.94
Year 3 PV (M)	54,669.19	56,260.93	57,883.27
Year 4 PV (M)	58,408.96	60,687.39	63,031.84
Year 5 PV (M)	61,895.23	64,927.84	68,078.16
PV of Terminal Value (M)	1,621,904.79	1,701,371.33	1,783,922.60
Equity Value (M)	1,893,924.01	1,981,717.88	2,072,820.19
Shares Outstanding (M)	8.50	8.50	8.50
Fair Value	$222,683.89	$233,006.53	$243,718.16
Upside / Downside	67.56%	75.32%	83.38%

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Nippon Building Fund Incorporation (8951.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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