DDM Analysis: 2874.T

Valuation Snapshot

Stable Growth	$409.64 - $696.00	$534.23
Multi-Stage	$818.54 - $898.95	$857.97
Blended Fair Value	$696.10
Current Price	$1,215.00
Upside	-42.71%
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	0.91%	3.17%	24.05	24.52	23.03	23.03	23.00	22.98	24.46	18.69	17.82	17.67
YoY Growth	-	-	-1.94%	6.48%	0.00%	0.15%	0.07%	-6.03%	30.85%	4.85%	0.86%	0.39%
Dividend Yield	-	-	1.98%	2.88%	2.20%	2.15%	2.75%	2.67%	2.45%	2.04%	1.53%	1.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,979.00
(-) Cash Dividends Paid (M)	1,430.00
(=) Cash Retained (M)	549.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	395.80	247.38	148.43
Cash Retained (M)	549.00	549.00	549.00
(-) Cash Required (M)	-395.80	-247.38	-148.43
(=) Excess Retained (M)	153.20	301.63	400.58
(/) Shares Outstanding (M)	58.96	58.96	58.96
(=) Excess Retained per Share	2.60	5.12	6.79
LTM Dividend per Share	24.25	24.25	24.25
(+) Excess Retained per Share	2.60	5.12	6.79
(=) Adjusted Dividend	26.85	29.37	31.05
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.23%	0.77%	1.77%
Fair Value	$409.64	$534.23	$696.00
Upside / Downside	-66.28%	-56.03%	-42.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,979.00	1,994.21	2,009.54	2,024.98	2,040.55	2,056.23	2,117.92
Payout Ratio	72.26%	75.81%	79.36%	82.90%	86.45%	90.00%	92.50%
Projected Dividends (M)	1,430.00	1,511.75	1,594.67	1,678.78	1,764.09	1,850.61	1,959.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.23%	0.77%	1.77%
Year 1 PV (M)	1,407.93	1,422.05	1,436.16
Year 2 PV (M)	1,383.17	1,411.04	1,439.18
Year 3 PV (M)	1,356.13	1,397.31	1,439.33
Year 4 PV (M)	1,327.17	1,381.19	1,436.84
Year 5 PV (M)	1,296.65	1,362.95	1,431.93
PV of Terminal Value (M)	41,492.00	43,613.52	45,820.94
Equity Value (M)	48,263.05	50,588.05	53,004.37
Shares Outstanding (M)	58.96	58.96	58.96
Fair Value	$818.54	$857.97	$898.95
Upside / Downside	-32.63%	-29.39%	-26.01%

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Yokorei Co.,Ltd. (2874.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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