DDM Analysis: 6741.T

Valuation Snapshot

Stable Growth	$2,538.34 - $5,633.69	$3,661.90
Multi-Stage	$3,416.39 - $3,750.29	$3,580.17
Blended Fair Value	$3,621.04
Current Price	$1,217.00
Upside	197.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.48%	6.26%	33.94	26.95	26.94	26.94	25.94	25.99	25.11	24.32	24.02	22.94
YoY Growth	-	-	25.94%	0.06%	0.00%	3.83%	-0.19%	3.51%	3.23%	1.27%	4.68%	24.11%
Dividend Yield	-	-	3.15%	2.59%	2.51%	2.74%	2.83%	2.29%	1.99%	2.26%	2.32%	2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,266.00
(-) Cash Dividends Paid (M)	2,681.00
(=) Cash Retained (M)	5,585.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,653.20	1,033.25	619.95
Cash Retained (M)	5,585.00	5,585.00	5,585.00
(-) Cash Required (M)	-1,653.20	-1,033.25	-619.95
(=) Excess Retained (M)	3,931.80	4,551.75	4,965.05
(/) Shares Outstanding (M)	62.37	62.37	62.37
(=) Excess Retained per Share	63.04	72.98	79.60
LTM Dividend per Share	42.98	42.98	42.98
(+) Excess Retained per Share	63.04	72.98	79.60
(=) Adjusted Dividend	106.02	115.96	122.59
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	2.13%	3.13%	4.13%
Fair Value	$2,538.34	$3,661.90	$5,633.69
Upside / Downside	108.57%	200.90%	362.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,266.00	8,524.87	8,791.84	9,067.17	9,351.13	9,643.97	9,933.29
Payout Ratio	32.43%	43.95%	55.46%	66.97%	78.49%	90.00%	92.50%
Projected Dividends (M)	2,681.00	3,746.44	4,875.99	6,072.61	7,339.40	8,679.58	9,188.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	2.13%	3.13%	4.13%
Year 1 PV (M)	3,487.03	3,521.17	3,555.32
Year 2 PV (M)	4,224.12	4,307.24	4,391.18
Year 3 PV (M)	4,896.49	5,041.74	5,189.82
Year 4 PV (M)	5,508.16	5,727.08	5,952.46
Year 5 PV (M)	6,062.91	6,365.60	6,680.26
PV of Terminal Value (M)	188,905.72	198,336.75	208,140.74
Equity Value (M)	213,084.44	223,299.58	233,909.77
Shares Outstanding (M)	62.37	62.37	62.37
Fair Value	$3,416.39	$3,580.17	$3,750.29
Upside / Downside	180.72%	194.18%	208.16%

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Nippon Signal Co., Ltd. (6741.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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