DDM Analysis: 7730.T

Valuation Snapshot

Stable Growth	$1,182.42 - $2,867.54	$1,757.32
Multi-Stage	$821.83 - $898.23	$859.34
Blended Fair Value	$1,308.33
Current Price	$1,254.50
Upside	4.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.20%	16.14%	38.98	37.02	31.97	23.98	21.98	20.97	18.00	11.64	10.68	9.62
YoY Growth	-	-	5.32%	15.78%	33.32%	9.10%	4.79%	16.53%	54.67%	8.94%	11.02%	10.16%
Dividend Yield	-	-	3.11%	2.15%	1.46%	1.06%	1.32%	0.82%	0.62%	0.65%	1.00%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,367.50
(-) Cash Dividends Paid (M)	787.00
(=) Cash Retained (M)	4,580.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,073.50	670.94	402.56
Cash Retained (M)	4,580.50	4,580.50	4,580.50
(-) Cash Required (M)	-1,073.50	-670.94	-402.56
(=) Excess Retained (M)	3,507.00	3,909.56	4,177.94
(/) Shares Outstanding (M)	98.50	98.50	98.50
(=) Excess Retained per Share	35.60	39.69	42.42
LTM Dividend per Share	7.99	7.99	7.99
(+) Excess Retained per Share	35.60	39.69	42.42
(=) Adjusted Dividend	43.59	47.68	50.41
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,182.42	$1,757.32	$2,867.54
Upside / Downside	-5.75%	40.08%	128.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,367.50	5,716.39	6,087.95	6,483.67	6,905.11	7,353.94	7,574.56
Payout Ratio	14.66%	29.73%	44.80%	59.86%	74.93%	90.00%	92.50%
Projected Dividends (M)	787.00	1,699.47	2,727.24	3,881.44	5,174.17	6,618.55	7,006.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,539.01	1,553.60	1,568.18
Year 2 PV (M)	2,236.54	2,279.14	2,322.14
Year 3 PV (M)	2,882.53	2,965.27	3,049.59
Year 4 PV (M)	3,479.74	3,613.56	3,751.21
Year 5 PV (M)	4,030.84	4,225.53	4,427.68
PV of Terminal Value (M)	66,781.47	70,007.04	73,356.06
Equity Value (M)	80,950.14	84,644.15	88,474.87
Shares Outstanding (M)	98.50	98.50	98.50
Fair Value	$821.83	$859.34	$898.23
Upside / Downside	-34.49%	-31.50%	-28.40%

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Mani, Inc. (7730.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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