DDM Analysis: 9468.T

Valuation Snapshot

Stable Growth	$1,577.17 - $8,350.65	$2,848.84
Multi-Stage	$979.02 - $1,068.51	$1,022.96
Blended Fair Value	$1,935.90
Current Price	$4,003.00
Upside	-51.64%
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	25.67%	17.42%	28.75	30.08	29.98	23.26	13.35	9.17	9.53	9.84	9.75	5.00
YoY Growth	-	-	-4.42%	0.33%	28.88%	74.21%	45.57%	-3.78%	-3.09%	0.94%	94.91%	-13.36%
Dividend Yield	-	-	0.72%	1.12%	0.87%	0.80%	0.59%	0.83%	1.29%	1.61%	1.34%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,796.00
(-) Cash Dividends Paid (M)	4,428.00
(=) Cash Retained (M)	2,368.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,359.20	849.50	509.70
Cash Retained (M)	2,368.00	2,368.00	2,368.00
(-) Cash Required (M)	-1,359.20	-849.50	-509.70
(=) Excess Retained (M)	1,008.80	1,518.50	1,858.30
(/) Shares Outstanding (M)	141.38	141.38	141.38
(=) Excess Retained per Share	7.14	10.74	13.14
LTM Dividend per Share	31.32	31.32	31.32
(+) Excess Retained per Share	7.14	10.74	13.14
(=) Adjusted Dividend	38.46	42.06	44.46
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,577.17	$2,848.84	$8,350.65
Upside / Downside	-60.60%	-28.83%	108.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,796.00	7,237.74	7,708.19	8,209.23	8,742.83	9,311.11	9,590.44
Payout Ratio	65.16%	70.12%	75.09%	80.06%	85.03%	90.00%	92.50%
Projected Dividends (M)	4,428.00	5,075.45	5,788.36	6,572.50	7,434.13	8,380.00	8,871.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,652.24	4,696.34	4,740.44
Year 2 PV (M)	4,863.30	4,955.94	5,049.44
Year 3 PV (M)	5,061.68	5,206.98	5,355.04
Year 4 PV (M)	5,247.86	5,449.68	5,657.26
Year 5 PV (M)	5,422.31	5,684.21	5,956.13
PV of Terminal Value (M)	113,163.49	118,629.33	124,304.36
Equity Value (M)	138,410.88	144,622.47	151,062.67
Shares Outstanding (M)	141.38	141.38	141.38
Fair Value	$979.02	$1,022.96	$1,068.51
Upside / Downside	-75.54%	-74.45%	-73.31%

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Kadokawa Corporation (9468.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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