DDM Analysis: 4736.T

Valuation Snapshot

Stable Growth	$649.20 - $990.43	$808.98
Multi-Stage	$1,344.20 - $1,481.33	$1,411.41
Blended Fair Value	$1,110.20
Current Price	$767.00
Upside	44.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	-0.90%	0.00%	4.75	9.80	4.98	4.97	4.82	4.97	0.00	0.00	0.00	0.00
YoY Growth	-	-	-51.53%	96.58%	0.30%	3.07%	-2.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.62%	1.22%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	386.16
(-) Cash Dividends Paid (M)	52.35
(=) Cash Retained (M)	333.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77.23	48.27	28.96
Cash Retained (M)	333.81	333.81	333.81
(-) Cash Required (M)	-77.23	-48.27	-28.96
(=) Excess Retained (M)	256.58	285.54	304.85
(/) Shares Outstanding (M)	5.28	5.28	5.28
(=) Excess Retained per Share	48.55	54.03	57.69
LTM Dividend per Share	9.91	9.91	9.91
(+) Excess Retained per Share	48.55	54.03	57.69
(=) Adjusted Dividend	58.46	63.94	67.59
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$649.20	$808.98	$990.43
Upside / Downside	-15.36%	5.47%	29.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	386.16	382.30	378.48	374.69	370.95	367.24	378.25
Payout Ratio	13.56%	28.85%	44.13%	59.42%	74.71%	90.00%	92.50%
Projected Dividends (M)	52.35	110.28	167.04	222.65	277.14	330.51	349.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	102.19	103.23	104.27
Year 2 PV (M)	143.43	146.38	149.35
Year 3 PV (M)	177.17	182.65	188.24
Year 4 PV (M)	204.35	212.82	221.55
Year 5 PV (M)	225.83	237.59	249.83
PV of Terminal Value (M)	6,250.37	6,575.85	6,914.74
Equity Value (M)	7,103.34	7,458.50	7,827.97
Shares Outstanding (M)	5.28	5.28	5.28
Fair Value	$1,344.20	$1,411.41	$1,481.33
Upside / Downside	75.25%	84.02%	93.13%

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Nippon RAD Inc. (4736.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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