DDM Analysis: 6584.T

Valuation Snapshot

Stable Growth	$879.18 - $1,496.63	$1,147.46
Multi-Stage	$1,609.73 - $1,769.26	$1,687.96
Blended Fair Value	$1,417.71
Current Price	$927.00
Upside	52.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.04%	2.03%	28.57	25.42	25.42	24.91	12.71	20.33	25.42	24.91	24.38	23.88
YoY Growth	-	-	12.42%	0.00%	2.02%	96.04%	-37.50%	-20.00%	2.02%	2.18%	2.11%	2.15%
Dividend Yield	-	-	4.49%	2.45%	2.96%	3.81%	1.08%	3.02%	5.33%	3.53%	3.07%	4.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,561.00
(-) Cash Dividends Paid (M)	1,023.00
(=) Cash Retained (M)	1,538.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	512.20	320.13	192.08
Cash Retained (M)	1,538.00	1,538.00	1,538.00
(-) Cash Required (M)	-512.20	-320.13	-192.08
(=) Excess Retained (M)	1,025.80	1,217.88	1,345.93
(/) Shares Outstanding (M)	35.80	35.80	35.80
(=) Excess Retained per Share	28.65	34.02	37.59
LTM Dividend per Share	28.57	28.57	28.57
(+) Excess Retained per Share	28.65	34.02	37.59
(=) Adjusted Dividend	57.22	62.59	66.17
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.03%	1.03%	2.03%
Fair Value	$879.18	$1,147.46	$1,496.63
Upside / Downside	-5.16%	23.78%	61.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,561.00	2,587.30	2,613.87	2,640.72	2,667.84	2,695.23	2,776.09
Payout Ratio	39.95%	49.96%	59.97%	69.98%	79.99%	90.00%	92.50%
Projected Dividends (M)	1,023.00	1,292.52	1,567.47	1,847.92	2,133.98	2,425.71	2,567.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.03%	1.03%	2.03%
Year 1 PV (M)	1,201.20	1,213.20	1,225.21
Year 2 PV (M)	1,353.79	1,381.00	1,408.47
Year 3 PV (M)	1,483.25	1,528.18	1,574.01
Year 4 PV (M)	1,591.83	1,656.45	1,723.01
Year 5 PV (M)	1,681.60	1,767.36	1,856.57
PV of Terminal Value (M)	50,321.06	52,887.24	55,557.05
Equity Value (M)	57,632.74	60,433.43	63,344.34
Shares Outstanding (M)	35.80	35.80	35.80
Fair Value	$1,609.73	$1,687.96	$1,769.26
Upside / Downside	73.65%	82.09%	90.86%

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Sanoh Industrial Co., Ltd. (6584.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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