DDM Analysis: 7522.T

Valuation Snapshot

Stable Growth	$6,458.45 - $18,872.48	$17,686.27
Multi-Stage	$2,570.03 - $2,813.69	$2,689.62
Blended Fair Value	$10,187.95
Current Price	$960.00
Upside	961.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	24.54%	8.82%	21.91	19.41	9.11	0.02	2.47	7.31	7.26	4.89	9.78	0.15
YoY Growth	-	-	12.85%	113.15%	36,400.00%	-98.99%	-66.21%	0.69%	48.47%	-50.00%	6,433.33%	-98.41%
Dividend Yield	-	-	2.14%	2.07%	1.01%	0.00%	0.27%	0.77%	0.50%	0.34%	0.73%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,803.00
(-) Cash Dividends Paid (M)	910.00
(=) Cash Retained (M)	2,893.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	760.60	475.38	285.23
Cash Retained (M)	2,893.00	2,893.00	2,893.00
(-) Cash Required (M)	-760.60	-475.38	-285.23
(=) Excess Retained (M)	2,132.40	2,417.63	2,607.78
(/) Shares Outstanding (M)	40.08	40.08	40.08
(=) Excess Retained per Share	53.21	60.33	65.07
LTM Dividend per Share	22.71	22.71	22.71
(+) Excess Retained per Share	53.21	60.33	65.07
(=) Adjusted Dividend	75.92	83.03	87.78
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,458.45	$17,686.27	$18,872.48
Upside / Downside	572.76%	1,742.32%	1,865.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,803.00	4,050.20	4,313.46	4,593.83	4,892.43	5,210.44	5,366.75
Payout Ratio	23.93%	37.14%	50.36%	63.57%	76.79%	90.00%	92.50%
Projected Dividends (M)	910.00	1,504.36	2,172.13	2,920.36	3,756.69	4,689.40	4,964.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,396.13	1,409.36	1,422.60
Year 2 PV (M)	1,870.84	1,906.47	1,942.44
Year 3 PV (M)	2,334.33	2,401.34	2,469.62
Year 4 PV (M)	2,786.80	2,893.97	3,004.21
Year 5 PV (M)	3,228.44	3,384.38	3,546.28
PV of Terminal Value (M)	91,378.48	95,792.10	100,374.63
Equity Value (M)	102,995.02	107,787.62	112,759.78
Shares Outstanding (M)	40.08	40.08	40.08
Fair Value	$2,570.03	$2,689.62	$2,813.69
Upside / Downside	167.71%	180.17%	193.09%

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Watami Co., Ltd. (7522.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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