DDM Analysis: 6471.T

Valuation Snapshot

Stable Growth	$304.15 - $456.20	$376.21
Multi-Stage	$751.26 - $825.70	$787.75
Blended Fair Value	$581.98
Current Price	$764.40
Upside	-23.86%
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	-5.25%	3.26%	31.91	30.66	31.38	20.92	20.91	41.77	43.83	35.56	44.62	36.42
YoY Growth	-	-	4.05%	-2.27%	49.98%	0.06%	-49.94%	-4.71%	23.27%	-20.31%	22.51%	57.32%
Dividend Yield	-	-	4.70%	3.86%	3.42%	2.87%	2.23%	5.23%	4.40%	3.11%	3.18%	4.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,997.00
(-) Cash Dividends Paid (M)	16,618.00
(=) Cash Retained (M)	1,379.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,599.40	2,249.63	1,349.78
Cash Retained (M)	1,379.00	1,379.00	1,379.00
(-) Cash Required (M)	-3,599.40	-2,249.63	-1,349.78
(=) Excess Retained (M)	-2,220.40	-870.63	29.23
(/) Shares Outstanding (M)	490.38	490.38	490.38
(=) Excess Retained per Share	-4.53	-1.78	0.06
LTM Dividend per Share	33.89	33.89	33.89
(+) Excess Retained per Share	-4.53	-1.78	0.06
(=) Adjusted Dividend	29.36	32.11	33.95
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.84%	-1.84%	-0.84%
Fair Value	$304.15	$376.21	$456.20
Upside / Downside	-60.21%	-50.78%	-40.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,997.00	17,665.65	17,340.41	17,021.15	16,707.77	16,400.16	16,892.16
Payout Ratio	92.34%	91.87%	91.40%	90.94%	90.47%	90.00%	92.50%
Projected Dividends (M)	16,618.00	16,229.45	15,849.58	15,478.19	15,115.10	14,760.14	15,625.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.84%	-1.84%	-0.84%
Year 1 PV (M)	15,078.35	15,233.54	15,388.74
Year 2 PV (M)	13,680.99	13,964.06	14,250.03
Year 3 PV (M)	12,412.81	12,800.04	13,195.24
Year 4 PV (M)	11,261.88	11,732.74	12,218.21
Year 5 PV (M)	10,217.40	10,754.14	11,313.21
PV of Terminal Value (M)	305,750.46	321,812.27	338,542.10
Equity Value (M)	368,401.89	386,296.79	404,907.53
Shares Outstanding (M)	490.38	490.38	490.38
Fair Value	$751.26	$787.75	$825.70
Upside / Downside	-1.72%	3.05%	8.02%

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NSK Ltd. (6471.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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