DDM Analysis: 8014.T

Valuation Snapshot

Stable Growth	$4,280.28 - $6,785.48	$5,422.17
Multi-Stage	$3,438.72 - $3,750.02	$3,591.59
Blended Fair Value	$4,506.88
Current Price	$3,935.00
Upside	14.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.45%	14.02%	121.57	113.09	91.71	64.84	45.81	64.68	61.68	44.76	53.65	33.76
YoY Growth	-	-	7.50%	23.32%	41.43%	41.54%	-29.17%	4.87%	37.81%	-16.57%	58.89%	3.10%
Dividend Yield	-	-	3.01%	3.17%	3.10%	3.32%	2.66%	3.51%	3.46%	2.29%	2.56%	2.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,733.00
(-) Cash Dividends Paid (M)	741.50
(=) Cash Retained (M)	8,991.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,946.60	1,216.63	729.98
Cash Retained (M)	8,991.50	8,991.50	8,991.50
(-) Cash Required (M)	-1,946.60	-1,216.63	-729.98
(=) Excess Retained (M)	7,044.90	7,774.88	8,261.53
(/) Shares Outstanding (M)	24.64	24.64	24.64
(=) Excess Retained per Share	285.87	315.49	335.24
LTM Dividend per Share	30.09	30.09	30.09
(+) Excess Retained per Share	285.87	315.49	335.24
(=) Adjusted Dividend	315.96	345.58	365.33
WACC / Discount Rate	13.29%	13.29%	13.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,280.28	$5,422.17	$6,785.48
Upside / Downside	8.77%	37.79%	72.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,733.00	10,365.65	11,039.41	11,756.97	12,521.18	13,335.05	13,735.11
Payout Ratio	7.62%	24.09%	40.57%	57.05%	73.52%	90.00%	92.50%
Projected Dividends (M)	741.50	2,497.57	4,478.80	6,707.04	9,206.03	12,001.55	12,704.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	13.29%	13.29%	13.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,183.93	2,204.63	2,225.33
Year 2 PV (M)	3,424.53	3,489.76	3,555.60
Year 3 PV (M)	4,484.25	4,612.98	4,744.15
Year 4 PV (M)	5,382.09	5,589.07	5,801.96
Year 5 PV (M)	6,135.30	6,431.63	6,739.31
PV of Terminal Value (M)	63,131.93	66,181.23	69,347.23
Equity Value (M)	84,742.03	88,509.30	92,413.59
Shares Outstanding (M)	24.64	24.64	24.64
Fair Value	$3,438.72	$3,591.59	$3,750.02
Upside / Downside	-12.61%	-8.73%	-4.70%

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Chori Co., Ltd. (8014.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener