DDM Analysis: 4689.T

Valuation Snapshot

Stable Growth	$1,325.06 - $5,730.20	$3,214.62
Multi-Stage	$667.54 - $730.43	$698.41
Blended Fair Value	$1,956.52
Current Price	$476.10
Upside	310.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-1.52%	5.17%	5.88	5.90	6.14	5.95	5.94	6.34	7.11	7.11	7.10	7.10
YoY Growth	-	-	-0.38%	-3.84%	3.14%	0.09%	-6.32%	-10.75%	0.05%	0.05%	0.03%	99.96%
Dividend Yield	-	-	1.11%	1.56%	1.77%	1.50%	1.07%	1.21%	2.24%	1.93%	1.45%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	204,524.00
(-) Cash Dividends Paid (M)	49,910.00
(=) Cash Retained (M)	154,614.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40,904.80	25,565.50	15,339.30
Cash Retained (M)	154,614.00	154,614.00	154,614.00
(-) Cash Required (M)	-40,904.80	-25,565.50	-15,339.30
(=) Excess Retained (M)	113,709.20	129,048.50	139,274.70
(/) Shares Outstanding (M)	7,098.31	7,098.31	7,098.31
(=) Excess Retained per Share	16.02	18.18	19.62
LTM Dividend per Share	7.03	7.03	7.03
(+) Excess Retained per Share	16.02	18.18	19.62
(=) Adjusted Dividend	23.05	25.21	26.65
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,325.06	$3,214.62	$5,730.20
Upside / Downside	178.32%	575.20%	1,103.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	204,524.00	217,818.06	231,976.23	247,054.69	263,113.24	280,215.60	288,622.07
Payout Ratio	24.40%	37.52%	50.64%	63.76%	76.88%	90.00%	92.50%
Projected Dividends (M)	49,910.00	81,730.57	117,476.95	157,525.04	202,283.04	252,194.04	266,975.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	75,430.16	76,145.13	76,860.11
Year 2 PV (M)	100,063.02	101,968.94	103,892.84
Year 3 PV (M)	123,831.47	127,386.22	131,008.37
Year 4 PV (M)	146,757.86	152,401.76	158,206.89
Year 5 PV (M)	168,864.05	177,020.25	185,488.60
PV of Terminal Value (M)	4,123,437.32	4,322,600.89	4,529,386.91
Equity Value (M)	4,738,383.88	4,957,523.19	5,184,843.72
Shares Outstanding (M)	7,098.31	7,098.31	7,098.31
Fair Value	$667.54	$698.41	$730.43
Upside / Downside	40.21%	46.69%	53.42%

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LY Corporation (4689.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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