DDM Analysis: 1954.T

Valuation Snapshot

Stable Growth	$21,502.46 - $66,858.64	$62,654.15
Multi-Stage	$9,947.85 - $10,892.37	$10,411.40
Blended Fair Value	$36,532.77
Current Price	$3,370.00
Upside	984.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2012
DPS	8.26%	3.82%	76.23	0.00	79.01	78.88	79.15	51.26	51.13	38.51	12.81	37.52
YoY Growth	-	-	0.00%	-100.00%	0.17%	-0.34%	54.40%	0.26%	32.76%	200.52%	-65.84%	-28.39%
Dividend Yield	-	-	2.14%	0.00%	2.77%	2.50%	2.65%	1.34%	2.20%	1.56%	0.57%	2.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,082.00
(-) Cash Dividends Paid (M)	1,899.00
(=) Cash Retained (M)	3,183.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,016.40	635.25	381.15
Cash Retained (M)	3,183.00	3,183.00	3,183.00
(-) Cash Required (M)	-1,016.40	-635.25	-381.15
(=) Excess Retained (M)	2,166.60	2,547.75	2,801.85
(/) Shares Outstanding (M)	15.06	15.06	15.06
(=) Excess Retained per Share	143.86	169.17	186.04
LTM Dividend per Share	126.09	126.09	126.09
(+) Excess Retained per Share	143.86	169.17	186.04
(=) Adjusted Dividend	269.95	295.26	312.13
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.10%	6.10%	7.10%
Fair Value	$21,502.46	$62,654.15	$66,858.64
Upside / Downside	538.06%	1,759.17%	1,883.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,082.00	5,392.04	5,720.99	6,070.01	6,440.33	6,833.23	7,038.23
Payout Ratio	37.37%	47.89%	58.42%	68.95%	79.47%	90.00%	92.50%
Projected Dividends (M)	1,899.00	2,582.45	3,342.22	4,185.08	5,118.35	6,149.91	6,510.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.10%	6.10%	7.10%
Year 1 PV (M)	2,403.78	2,426.65	2,449.52
Year 2 PV (M)	2,895.75	2,951.12	3,007.01
Year 3 PV (M)	3,375.16	3,472.42	3,571.53
Year 4 PV (M)	3,842.23	3,990.56	4,143.14
Year 5 PV (M)	4,297.20	4,505.56	4,721.92
PV of Terminal Value (M)	133,006.15	139,455.27	146,152.15
Equity Value (M)	149,820.27	156,801.58	164,045.29
Shares Outstanding (M)	15.06	15.06	15.06
Fair Value	$9,947.85	$10,411.40	$10,892.37
Upside / Downside	195.19%	208.94%	223.22%

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TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

Financial Statements

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Sector

Nippon Koei Co., Ltd. (1954.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener