DDM Analysis: 9119.T

Valuation Snapshot

Stable Growth	$2,786.15 - $6,183.37	$4,018.94
Multi-Stage	$1,983.98 - $2,168.31	$2,074.47
Blended Fair Value	$3,046.70
Current Price	$1,012.00
Upside	201.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	30.12%	18.25%	55.92	62.91	51.91	26.96	12.96	14.99	9.99	10.47	10.49	10.47
YoY Growth	-	-	-11.12%	21.19%	92.57%	108.02%	-13.56%	50.05%	-4.60%	-0.18%	0.18%	0.09%
Dividend Yield	-	-	5.53%	4.76%	6.13%	3.94%	2.96%	4.41%	2.71%	2.08%	2.18%	2.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,890.00
(-) Cash Dividends Paid (M)	1,640.00
(=) Cash Retained (M)	13,250.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,978.00	1,861.25	1,116.75
Cash Retained (M)	13,250.00	13,250.00	13,250.00
(-) Cash Required (M)	-2,978.00	-1,861.25	-1,116.75
(=) Excess Retained (M)	10,272.00	11,388.75	12,133.25
(/) Shares Outstanding (M)	105.80	105.80	105.80
(=) Excess Retained per Share	97.09	107.64	114.68
LTM Dividend per Share	15.50	15.50	15.50
(+) Excess Retained per Share	97.09	107.64	114.68
(=) Adjusted Dividend	112.59	123.14	130.18
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,786.15	$4,018.94	$6,183.37
Upside / Downside	175.31%	297.13%	511.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,890.00	15,857.85	16,888.61	17,986.37	19,155.48	20,400.59	21,012.61
Payout Ratio	11.01%	26.81%	42.61%	58.41%	74.20%	90.00%	92.50%
Projected Dividends (M)	1,640.00	4,251.69	7,195.98	10,505.05	14,213.91	18,360.53	19,436.66

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)	3,837.14	3,873.51	3,909.89
Year 2 PV (M)	5,861.14	5,972.78	6,085.47
Year 3 PV (M)	7,722.12	7,943.80	8,169.67
Year 4 PV (M)	9,429.70	9,792.34	10,165.34
Year 5 PV (M)	10,992.99	11,523.96	12,075.24
PV of Terminal Value (M)	172,068.25	180,379.21	189,008.25
Equity Value (M)	209,911.35	219,485.60	229,413.87
Shares Outstanding (M)	105.80	105.80	105.80
Fair Value	$1,983.98	$2,074.47	$2,168.31
Upside / Downside	96.05%	104.99%	114.26%

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Iino Kaiun Kaisha, Ltd. (9119.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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