DDM Analysis: 4299.T

Valuation Snapshot

Stable Growth	$4,585.16 - $20,767.30	$10,552.48
Multi-Stage	$2,406.39 - $2,630.82	$2,516.56
Blended Fair Value	$6,534.52
Current Price	$1,250.00
Upside	422.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.84%	15.37%	43.89	43.72	43.63	30.01	21.04	21.04	19.92	17.85	16.38	14.06
YoY Growth	-	-	0.39%	0.20%	45.40%	42.62%	0.00%	5.63%	11.59%	8.95%	16.56%	33.79%
Dividend Yield	-	-	3.61%	3.04%	3.02%	2.17%	1.87%	2.27%	2.59%	2.32%	2.37%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,211.00
(-) Cash Dividends Paid (M)	522.00
(=) Cash Retained (M)	689.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	242.20	151.38	90.83
Cash Retained (M)	689.00	689.00	689.00
(-) Cash Required (M)	-242.20	-151.38	-90.83
(=) Excess Retained (M)	446.80	537.63	598.18
(/) Shares Outstanding (M)	11.60	11.60	11.60
(=) Excess Retained per Share	38.53	46.36	51.58
LTM Dividend per Share	45.01	45.01	45.01
(+) Excess Retained per Share	38.53	46.36	51.58
(=) Adjusted Dividend	83.54	91.37	96.59
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,585.16	$10,552.48	$20,767.30
Upside / Downside	266.81%	744.20%	1,561.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,211.00	1,289.72	1,373.55	1,462.83	1,557.91	1,659.17	1,708.95
Payout Ratio	43.10%	52.48%	61.86%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	522.00	676.89	849.72	1,042.15	1,256.00	1,493.26	1,580.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	624.21	630.12	636.04
Year 2 PV (M)	722.59	736.35	750.25
Year 3 PV (M)	817.25	840.71	864.62
Year 4 PV (M)	908.29	943.22	979.15
Year 5 PV (M)	995.82	1,043.92	1,093.85
PV of Terminal Value (M)	23,838.69	24,990.11	26,185.59
Equity Value (M)	27,906.85	29,184.44	30,509.51
Shares Outstanding (M)	11.60	11.60	11.60
Fair Value	$2,406.39	$2,516.56	$2,630.82
Upside / Downside	92.51%	101.32%	110.47%

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HIMACS, Ltd. (4299.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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