DDM Analysis: 9717.T

Valuation Snapshot

Stable Growth	$2,060.21 - $4,351.57	$2,920.50
Multi-Stage	$1,685.73 - $1,842.95	$1,762.90
Blended Fair Value	$2,341.70
Current Price	$1,938.84
Upside	20.78%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	10.61%	5.11%	49.20	48.51	77.14	29.48	29.37	29.72	29.56	30.29	30.17	29.85
YoY Growth	-	-	1.42%	-37.12%	161.73%	0.35%	-1.16%	0.54%	-2.43%	0.42%	1.06%	-0.12%
Dividend Yield	-	-	3.58%	3.90%	7.31%	2.40%	3.25%	3.04%	2.34%	2.89%	3.46%	3.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,927.00
(-) Cash Dividends Paid (M)	424.03
(=) Cash Retained (M)	1,502.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	385.40	240.88	144.53
Cash Retained (M)	1,502.98	1,502.98	1,502.98
(-) Cash Required (M)	-385.40	-240.88	-144.53
(=) Excess Retained (M)	1,117.58	1,262.10	1,358.45
(/) Shares Outstanding (M)	17.32	17.32	17.32
(=) Excess Retained per Share	64.54	72.89	78.45
LTM Dividend per Share	24.49	24.49	24.49
(+) Excess Retained per Share	64.54	72.89	78.45
(=) Adjusted Dividend	89.03	97.37	102.94
WACC / Discount Rate	9.20%	9.20%	9.20%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$2,060.21	$2,920.50	$4,351.57
Upside / Downside	6.26%	50.63%	124.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,927.00	2,036.48	2,152.17	2,274.44	2,403.65	2,540.21	2,616.41
Payout Ratio	22.00%	35.60%	49.20%	62.80%	76.40%	90.00%	92.50%
Projected Dividends (M)	424.03	725.06	1,058.93	1,428.39	1,836.41	2,286.19	2,420.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.20%	9.20%	9.20%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	657.66	663.94	670.23
Year 2 PV (M)	871.21	887.94	904.82
Year 3 PV (M)	1,065.95	1,096.79	1,128.22
Year 4 PV (M)	1,243.05	1,291.23	1,340.80
Year 5 PV (M)	1,403.65	1,471.99	1,542.96
PV of Terminal Value (M)	23,948.38	25,114.32	26,325.23
Equity Value (M)	29,189.91	30,526.21	31,912.27
Shares Outstanding (M)	17.32	17.32	17.32
Fair Value	$1,685.73	$1,762.90	$1,842.95
Upside / Downside	-13.05%	-9.07%	-4.95%

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JASTEC Co., Ltd. (9717.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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