DDM Analysis: 7936.T

Valuation Snapshot

Stable Growth	$9,922.37 - $23,661.87	$22,174.64
Multi-Stage	$3,430.72 - $3,757.44	$3,591.07
Blended Fair Value	$12,882.86
Current Price	$3,872.00
Upside	232.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.27%	16.25%	20.31	12.52	7.16	9.20	4.60	6.33	9.38	6.23	6.22	6.22
YoY Growth	-	-	62.24%	74.85%	-22.20%	100.03%	-27.30%	-32.51%	50.61%	0.07%	0.00%	38.14%
Dividend Yield	-	-	0.65%	0.72%	0.76%	1.55%	1.04%	2.53%	2.48%	1.26%	1.39%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85,180.00
(-) Cash Dividends Paid (M)	15,796.00
(=) Cash Retained (M)	69,384.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17,036.00	10,647.50	6,388.50
Cash Retained (M)	69,384.00	69,384.00	69,384.00
(-) Cash Required (M)	-17,036.00	-10,647.50	-6,388.50
(=) Excess Retained (M)	52,348.00	58,736.50	62,995.50
(/) Shares Outstanding (M)	715.93	715.93	715.93
(=) Excess Retained per Share	73.12	82.04	87.99
LTM Dividend per Share	22.06	22.06	22.06
(+) Excess Retained per Share	73.12	82.04	87.99
(=) Adjusted Dividend	95.18	104.11	110.06
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9,922.37	$22,174.64	$23,661.87
Upside / Downside	156.26%	472.69%	511.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85,180.00	90,716.70	96,613.29	102,893.15	109,581.20	116,703.98	120,205.10
Payout Ratio	18.54%	32.84%	47.13%	61.42%	75.71%	90.00%	92.50%
Projected Dividends (M)	15,796.00	29,787.20	45,530.51	63,194.61	82,962.67	105,033.58	111,189.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27,703.45	27,966.04	28,228.63
Year 2 PV (M)	39,383.19	40,133.33	40,890.54
Year 3 PV (M)	50,838.48	52,297.87	53,784.92
Year 4 PV (M)	62,072.52	64,459.66	66,914.99
Year 5 PV (M)	73,088.49	76,618.70	80,284.01
PV of Terminal Value (M)	2,203,061.05	2,309,469.72	2,419,950.90
Equity Value (M)	2,456,147.18	2,570,945.31	2,690,054.00
Shares Outstanding (M)	715.93	715.93	715.93
Fair Value	$3,430.72	$3,591.07	$3,757.44
Upside / Downside	-11.40%	-7.26%	-2.96%

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ASICS Corporation (7936.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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