DDM Analysis: 9104.T

Valuation Snapshot

Stable Growth	$16,663.08 - $36,980.82	$24,036.03
Multi-Stage	$11,799.22 - $12,899.13	$12,339.18
Blended Fair Value	$18,187.60
Current Price	$4,494.00
Upside	304.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	74.10%	30.79%	299.87	381.46	616.66	148.38	17.03	18.75	10.27	3.46	12.15	25.47
YoY Growth	-	-	-21.39%	-38.14%	315.60%	771.10%	-9.15%	82.55%	196.46%	-71.49%	-52.30%	24.38%
Dividend Yield	-	-	6.22%	7.69%	17.84%	4.78%	0.96%	2.95%	1.14%	0.39%	1.10%	3.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	294,946.00
(-) Cash Dividends Paid (M)	19,912.00
(=) Cash Retained (M)	275,034.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58,989.20	36,868.25	22,120.95
Cash Retained (M)	275,034.00	275,034.00	275,034.00
(-) Cash Required (M)	-58,989.20	-36,868.25	-22,120.95
(=) Excess Retained (M)	216,044.80	238,165.75	252,913.05
(/) Shares Outstanding (M)	350.43	350.43	350.43
(=) Excess Retained per Share	616.52	679.65	721.73
LTM Dividend per Share	56.82	56.82	56.82
(+) Excess Retained per Share	616.52	679.65	721.73
(=) Adjusted Dividend	673.34	736.47	778.55
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16,663.08	$24,036.03	$36,980.82
Upside / Downside	270.78%	434.85%	722.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	294,946.00	314,117.49	334,535.13	356,279.91	379,438.10	404,101.58	416,224.63
Payout Ratio	6.75%	23.40%	40.05%	56.70%	73.35%	90.00%	92.50%
Projected Dividends (M)	19,912.00	73,506.17	133,983.46	202,012.23	278,318.66	363,691.42	385,007.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	66,339.16	66,967.96	67,596.77
Year 2 PV (M)	109,129.82	111,208.44	113,306.66
Year 3 PV (M)	148,496.44	152,759.24	157,102.85
Year 4 PV (M)	184,640.45	191,741.20	199,044.81
Year 5 PV (M)	217,752.78	228,270.32	239,190.40
PV of Terminal Value (M)	3,408,384.34	3,573,010.58	3,743,937.45
Equity Value (M)	4,134,742.99	4,323,957.74	4,520,178.94
Shares Outstanding (M)	350.43	350.43	350.43
Fair Value	$11,799.22	$12,339.18	$12,899.13
Upside / Downside	162.56%	174.57%	187.03%

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Mitsui O.S.K. Lines, Ltd. (9104.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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