DDM Analysis: 3141.T

Valuation Snapshot

Stable Growth	$1,914.07 - $4,715.35	$2,859.28
Multi-Stage	$1,333.70 - $1,457.20	$1,394.33
Blended Fair Value	$2,126.80
Current Price	$2,557.00
Upside	-16.82%
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	9.74%	19.43%	34.98	32.95	31.00	29.97	26.98	21.97	20.98	15.98	11.74	9.81
YoY Growth	-	-	6.15%	6.31%	3.42%	11.10%	22.78%	4.75%	31.26%	36.15%	19.69%	65.49%
Dividend Yield	-	-	1.37%	1.52%	1.05%	1.15%	0.81%	0.49%	1.10%	0.54%	0.58%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,235.00
(-) Cash Dividends Paid (M)	3,774.00
(=) Cash Retained (M)	14,461.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,647.00	2,279.38	1,367.63
Cash Retained (M)	14,461.00	14,461.00	14,461.00
(-) Cash Required (M)	-3,647.00	-2,279.38	-1,367.63
(=) Excess Retained (M)	10,814.00	12,181.63	13,093.38
(/) Shares Outstanding (M)	209.76	209.76	209.76
(=) Excess Retained per Share	51.55	58.07	62.42
LTM Dividend per Share	17.99	17.99	17.99
(+) Excess Retained per Share	51.55	58.07	62.42
(=) Adjusted Dividend	69.55	76.07	80.41
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,914.07	$2,859.28	$4,715.35
Upside / Downside	-25.14%	11.82%	84.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,235.00	19,420.28	20,682.59	22,026.96	23,458.71	24,983.53	25,733.04
Payout Ratio	20.70%	34.56%	48.42%	62.28%	76.14%	90.00%	92.50%
Projected Dividends (M)	3,774.00	6,711.10	10,014.07	13,718.08	17,861.30	22,485.18	23,803.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,080.57	6,138.21	6,195.84
Year 2 PV (M)	8,220.76	8,377.35	8,535.40
Year 3 PV (M)	10,203.41	10,496.32	10,794.77
Year 4 PV (M)	12,036.93	12,499.84	12,975.97
Year 5 PV (M)	13,729.34	14,392.48	15,080.99
PV of Terminal Value (M)	229,488.72	240,573.11	252,081.73
Equity Value (M)	279,759.74	292,477.29	305,664.71
Shares Outstanding (M)	209.76	209.76	209.76
Fair Value	$1,333.70	$1,394.33	$1,457.20
Upside / Downside	-47.84%	-45.47%	-43.01%

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Welcia Holdings Co., Ltd. (3141.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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