DDM Analysis: 3591.T

Valuation Snapshot

Stable Growth	$2,439.94 - $4,100.82	$3,167.85
Multi-Stage	$4,852.45 - $5,334.29	$5,088.71
Blended Fair Value	$4,128.28
Current Price	$5,636.00
Upside	-26.75%
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	2.17%	1.63%	105.47	99.79	81.91	48.23	48.19	94.73	92.88	142.59	89.73	81.57
YoY Growth	-	-	5.69%	21.82%	69.86%	0.08%	-49.13%	2.00%	-34.86%	58.91%	10.01%	-9.10%
Dividend Yield	-	-	2.12%	2.20%	2.83%	2.25%	1.92%	4.75%	3.27%	4.41%	2.95%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,634.00
(-) Cash Dividends Paid (M)	5,293.00
(=) Cash Retained (M)	5,341.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,126.80	1,329.25	797.55
Cash Retained (M)	5,341.00	5,341.00	5,341.00
(-) Cash Required (M)	-2,126.80	-1,329.25	-797.55
(=) Excess Retained (M)	3,214.20	4,011.75	4,543.45
(/) Shares Outstanding (M)	51.80	51.80	51.80
(=) Excess Retained per Share	62.05	77.45	87.71
LTM Dividend per Share	102.18	102.18	102.18
(+) Excess Retained per Share	62.05	77.45	87.71
(=) Adjusted Dividend	164.24	179.63	189.90
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.37%	0.63%	1.63%
Fair Value	$2,439.94	$3,167.85	$4,100.82
Upside / Downside	-56.71%	-43.79%	-27.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,634.00	10,700.86	10,768.14	10,835.84	10,903.97	10,972.53	11,301.70
Payout Ratio	49.77%	57.82%	65.86%	73.91%	81.95%	90.00%	92.50%
Projected Dividends (M)	5,293.00	6,187.18	7,092.39	8,008.74	8,936.33	9,875.27	10,454.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.37%	0.63%	1.63%
Year 1 PV (M)	5,760.76	5,818.58	5,876.40
Year 2 PV (M)	6,148.46	6,272.51	6,397.79
Year 3 PV (M)	6,464.35	6,660.96	6,861.52
Year 4 PV (M)	6,715.94	6,989.67	7,271.68
Year 5 PV (M)	6,910.09	7,263.91	7,632.08
PV of Terminal Value (M)	219,351.26	230,582.91	242,270.00
Equity Value (M)	251,350.85	263,588.53	276,309.48
Shares Outstanding (M)	51.80	51.80	51.80
Fair Value	$4,852.45	$5,088.71	$5,334.29
Upside / Downside	-13.90%	-9.71%	-5.35%

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Wacoal Holdings Corp. (3591.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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