DDM Analysis: 6412.T

Valuation Snapshot

Stable Growth	$1,136.51 - $1,740.44	$1,418.57
Multi-Stage	$2,506.65 - $2,756.04	$2,628.91
Blended Fair Value	$2,023.74
Current Price	$2,104.00
Upside	-3.81%
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	-0.01%	1.42%	80.01	80.01	80.02	79.97	80.03	80.03	79.99	79.85	79.87	74.64
YoY Growth	-	-	0.00%	-0.01%	0.06%	-0.08%	0.00%	0.05%	0.18%	-0.03%	7.00%	7.38%
Dividend Yield	-	-	3.81%	3.84%	3.20%	3.97%	4.07%	4.44%	3.55%	2.99%	3.19%	3.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,457.00
(-) Cash Dividends Paid (M)	7,890.00
(=) Cash Retained (M)	4,567.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,491.40	1,557.13	934.28
Cash Retained (M)	4,567.00	4,567.00	4,567.00
(-) Cash Required (M)	-2,491.40	-1,557.13	-934.28
(=) Excess Retained (M)	2,075.60	3,009.88	3,632.73
(/) Shares Outstanding (M)	98.63	98.63	98.63
(=) Excess Retained per Share	21.04	30.52	36.83
LTM Dividend per Share	80.00	80.00	80.00
(+) Excess Retained per Share	21.04	30.52	36.83
(=) Adjusted Dividend	101.04	110.52	116.83
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-2.01%	-1.01%	-0.01%
Fair Value	$1,136.51	$1,418.57	$1,740.44
Upside / Downside	-45.98%	-32.58%	-17.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,457.00	12,331.80	12,207.86	12,085.16	11,963.69	11,843.45	12,198.75
Payout Ratio	63.34%	68.67%	74.00%	79.34%	84.67%	90.00%	92.50%
Projected Dividends (M)	7,890.00	8,468.28	9,034.15	9,587.78	10,129.37	10,659.11	11,283.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-2.01%	-1.01%	-0.01%
Year 1 PV (M)	7,855.83	7,935.99	8,016.16
Year 2 PV (M)	7,774.64	7,934.12	8,095.23
Year 3 PV (M)	7,654.34	7,891.07	8,132.63
Year 4 PV (M)	7,501.85	7,812.79	8,133.29
Year 5 PV (M)	7,323.24	7,704.60	8,101.69
PV of Terminal Value (M)	209,114.05	220,003.68	231,342.32
Equity Value (M)	247,223.96	259,282.26	271,821.31
Shares Outstanding (M)	98.63	98.63	98.63
Fair Value	$2,506.65	$2,628.91	$2,756.04
Upside / Downside	19.14%	24.95%	30.99%

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Heiwa Corporation (6412.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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