DDM Analysis: 2802.T

Valuation Snapshot

Stable Growth	$9,866.70 - $20,812.04	$19,503.93
Multi-Stage	$3,192.46 - $3,493.10	$3,340.02
Blended Fair Value	$11,421.98
Current Price	$3,909.00
Upside	192.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	17.39%	12.69%	52.16	51.18	42.15	36.35	23.36	23.40	24.60	22.74	22.98	21.30
YoY Growth	-	-	1.90%	21.42%	15.98%	55.61%	-0.17%	-4.88%	8.15%	-1.03%	7.88%	34.81%
Dividend Yield	-	-	1.33%	1.78%	1.47%	2.20%	1.62%	2.61%	2.63%	2.17%	1.89%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78,522.00
(-) Cash Dividends Paid (M)	39,428.00
(=) Cash Retained (M)	39,094.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,704.40	9,815.25	5,889.15
Cash Retained (M)	39,094.00	39,094.00	39,094.00
(-) Cash Required (M)	-15,704.40	-9,815.25	-5,889.15
(=) Excess Retained (M)	23,389.60	29,278.75	33,204.85
(/) Shares Outstanding (M)	750.34	750.34	750.34
(=) Excess Retained per Share	31.17	39.02	44.25
LTM Dividend per Share	52.55	52.55	52.55
(+) Excess Retained per Share	31.17	39.02	44.25
(=) Adjusted Dividend	83.72	91.57	96.80
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9,866.70	$19,503.93	$20,812.04
Upside / Downside	152.41%	398.95%	432.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78,522.00	83,625.93	89,061.62	94,850.62	101,015.91	107,581.94	110,809.40
Payout Ratio	50.21%	58.17%	66.13%	74.09%	82.04%	90.00%	92.50%
Projected Dividends (M)	39,428.00	48,645.32	58,894.32	70,270.15	82,876.01	96,823.75	102,498.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45,292.06	45,721.36	46,150.67
Year 2 PV (M)	51,054.65	52,027.09	53,008.71
Year 3 PV (M)	56,717.06	58,345.20	60,004.21
Year 4 PV (M)	62,280.58	64,675.71	67,139.27
Year 5 PV (M)	67,746.46	71,018.64	74,416.05
PV of Terminal Value (M)	2,112,329.30	2,214,355.59	2,320,286.67
Equity Value (M)	2,395,420.10	2,506,143.60	2,621,005.60
Shares Outstanding (M)	750.34	750.34	750.34
Fair Value	$3,192.46	$3,340.02	$3,493.10
Upside / Downside	-18.33%	-14.56%	-10.64%

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Ajinomoto Co., Inc. (2802.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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