DDM Analysis: 6151.T

Valuation Snapshot

Stable Growth	$162.02 - $225.75	$193.87
Multi-Stage	$261.02 - $286.74	$273.63
Blended Fair Value	$233.75
Current Price	$1,750.00
Upside	-86.64%
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	-13.53%	-1.23%	36.02	60.76	44.19	45.85	37.19	74.49	85.55	63.53	57.87	47.72
YoY Growth	-	-	-40.72%	37.48%	-3.61%	23.28%	-50.07%	-12.93%	34.65%	9.79%	21.28%	17.04%
Dividend Yield	-	-	1.97%	2.51%	2.24%	3.07%	2.07%	4.18%	3.89%	2.45%	2.25%	2.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	512.00
(-) Cash Dividends Paid (M)	140.50
(=) Cash Retained (M)	371.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	102.40	64.00	38.40
Cash Retained (M)	371.50	371.50	371.50
(-) Cash Required (M)	-102.40	-64.00	-38.40
(=) Excess Retained (M)	269.10	307.50	333.10
(/) Shares Outstanding (M)	18.71	18.71	18.71
(=) Excess Retained per Share	14.38	16.43	17.80
LTM Dividend per Share	7.51	7.51	7.51
(+) Excess Retained per Share	14.38	16.43	17.80
(=) Adjusted Dividend	21.89	23.94	25.31
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	-3.23%	-2.23%	-1.23%
Fair Value	$162.02	$193.87	$225.75
Upside / Downside	-90.74%	-88.92%	-87.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	512.00	500.57	489.39	478.47	467.78	457.34	471.06
Payout Ratio	27.44%	39.95%	52.46%	64.98%	77.49%	90.00%	92.50%
Projected Dividends (M)	140.50	199.99	256.76	310.89	362.48	411.61	435.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	-3.23%	-2.23%	-1.23%
Year 1 PV (M)	180.22	182.08	183.94
Year 2 PV (M)	208.49	212.82	217.19
Year 3 PV (M)	227.48	234.60	241.88
Year 4 PV (M)	239.00	249.03	259.37
Year 5 PV (M)	244.55	257.45	270.89
PV of Terminal Value (M)	3,785.15	3,984.81	4,192.81
Equity Value (M)	4,884.87	5,120.79	5,366.08
Shares Outstanding (M)	18.71	18.71	18.71
Fair Value	$261.02	$273.63	$286.74
Upside / Downside	-85.08%	-84.36%	-83.62%

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Nitto Kohki Co., Ltd. (6151.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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