DDM Analysis: 6485.T

Valuation Snapshot

Stable Growth	$4,035.84 - $15,191.56	$6,788.13
Multi-Stage	$3,528.38 - $3,869.20	$3,695.60
Blended Fair Value	$5,241.87
Current Price	$1,490.00
Upside	251.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.56%	7.99%	43.86	37.77	37.48	24.29	23.28	20.38	22.36	22.70	24.34	20.33
YoY Growth	-	-	16.11%	0.77%	54.27%	4.36%	14.22%	-8.86%	-1.49%	-6.75%	19.71%	0.00%
Dividend Yield	-	-	3.58%	2.80%	3.36%	2.73%	2.26%	2.03%	2.27%	2.33%	3.18%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,929.00
(-) Cash Dividends Paid (M)	466.00
(=) Cash Retained (M)	2,463.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	585.80	366.13	219.68
Cash Retained (M)	2,463.00	2,463.00	2,463.00
(-) Cash Required (M)	-585.80	-366.13	-219.68
(=) Excess Retained (M)	1,877.20	2,096.88	2,243.33
(/) Shares Outstanding (M)	20.70	20.70	20.70
(=) Excess Retained per Share	90.67	101.28	108.35
LTM Dividend per Share	22.51	22.51	22.51
(+) Excess Retained per Share	90.67	101.28	108.35
(=) Adjusted Dividend	113.18	123.79	130.86
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	3.83%	4.83%	5.83%
Fair Value	$4,035.84	$6,788.13	$15,191.56
Upside / Downside	170.86%	355.58%	919.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,929.00	3,070.36	3,218.53	3,373.86	3,536.69	3,707.37	3,818.59
Payout Ratio	15.91%	30.73%	45.55%	60.36%	75.18%	90.00%	92.50%
Projected Dividends (M)	466.00	943.46	1,465.91	2,036.60	2,658.95	3,336.63	3,532.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	3.83%	4.83%	5.83%
Year 1 PV (M)	875.47	883.90	892.33
Year 2 PV (M)	1,262.25	1,286.68	1,311.35
Year 3 PV (M)	1,627.28	1,674.76	1,723.15
Year 4 PV (M)	1,971.46	2,048.52	2,127.81
Year 5 PV (M)	2,295.65	2,408.35	2,525.44
PV of Terminal Value (M)	65,019.04	68,211.09	71,527.29
Equity Value (M)	73,051.15	76,513.30	80,107.37
Shares Outstanding (M)	20.70	20.70	20.70
Fair Value	$3,528.38	$3,695.60	$3,869.20
Upside / Downside	136.80%	148.03%	159.68%

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Maezawa Kyuso Industries Co.,Ltd. (6485.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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