DDM Analysis: 5393.T

Valuation Snapshot

Stable Growth	$5,105.26 - $8,121.87	$6,477.04
Multi-Stage	$4,595.84 - $5,012.22	$4,800.28
Blended Fair Value	$5,638.66
Current Price	$5,558.00
Upside	1.45%
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	6.47%	13.32%	104.16	96.61	92.63	84.35	78.24	76.12	66.22	58.51	49.50	35.25
YoY Growth	-	-	7.81%	4.31%	9.81%	7.82%	2.77%	14.96%	13.19%	18.19%	40.42%	18.22%
Dividend Yield	-	-	1.89%	2.03%	3.10%	3.74%	2.80%	3.39%	3.30%	2.11%	1.91%	2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,353.00
(-) Cash Dividends Paid (M)	7,015.00
(=) Cash Retained (M)	23,338.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,070.60	3,794.13	2,276.48
Cash Retained (M)	23,338.00	23,338.00	23,338.00
(-) Cash Required (M)	-6,070.60	-3,794.13	-2,276.48
(=) Excess Retained (M)	17,267.40	19,543.88	21,061.53
(/) Shares Outstanding (M)	64.42	64.42	64.42
(=) Excess Retained per Share	268.04	303.38	326.94
LTM Dividend per Share	108.89	108.89	108.89
(+) Excess Retained per Share	268.04	303.38	326.94
(=) Adjusted Dividend	376.93	412.27	435.83
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	4.47%	5.47%	6.47%
Fair Value	$5,105.26	$6,477.04	$8,121.87
Upside / Downside	-8.15%	16.54%	46.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,353.00	32,013.84	33,765.56	35,613.13	37,561.79	39,617.08	40,805.59
Payout Ratio	23.11%	36.49%	49.87%	63.24%	76.62%	90.00%	92.50%
Projected Dividends (M)	7,015.00	11,681.57	16,837.82	22,523.37	28,780.70	35,655.37	37,745.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	4.47%	5.47%	6.47%
Year 1 PV (M)	10,314.03	10,412.75	10,511.48
Year 2 PV (M)	13,126.24	13,378.73	13,633.62
Year 3 PV (M)	15,502.97	15,952.43	16,410.49
Year 4 PV (M)	17,490.83	18,170.19	18,869.15
Year 5 PV (M)	19,132.03	20,065.39	21,034.82
PV of Terminal Value (M)	220,500.71	231,257.81	242,430.69
Equity Value (M)	296,066.81	309,237.29	322,890.26
Shares Outstanding (M)	64.42	64.42	64.42
Fair Value	$4,595.84	$4,800.28	$5,012.22
Upside / Downside	-17.31%	-13.63%	-9.82%

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Nichias Corporation (5393.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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