DDM Analysis: 4091.T

Valuation Snapshot

Stable Growth	$12,349.49 - $49,166.12	$33,408.57
Multi-Stage	$5,921.38 - $6,481.14	$6,196.12
Blended Fair Value	$19,802.35
Current Price	$5,247.00
Upside	277.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	12.20%	14.87%	48.00	40.00	35.99	32.00	28.00	27.00	24.00	22.00	18.00	14.00
YoY Growth	-	-	20.00%	11.15%	12.46%	14.29%	3.70%	12.50%	9.08%	22.23%	28.58%	16.63%
Dividend Yield	-	-	0.88%	0.84%	1.16%	1.48%	1.23%	1.50%	1.05%	1.39%	1.43%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107,011.00
(-) Cash Dividends Paid (M)	22,078.00
(=) Cash Retained (M)	84,933.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21,402.20	13,376.38	8,025.83
Cash Retained (M)	84,933.00	84,933.00	84,933.00
(-) Cash Required (M)	-21,402.20	-13,376.38	-8,025.83
(=) Excess Retained (M)	63,530.80	71,556.63	76,907.18
(/) Shares Outstanding (M)	432.86	432.86	432.86
(=) Excess Retained per Share	146.77	165.31	177.67
LTM Dividend per Share	51.01	51.01	51.01
(+) Excess Retained per Share	146.77	165.31	177.67
(=) Adjusted Dividend	197.78	216.32	228.68
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12,349.49	$33,408.57	$49,166.12
Upside / Downside	135.36%	536.72%	837.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107,011.00	113,966.72	121,374.55	129,263.90	137,666.05	146,614.34	151,012.77
Payout Ratio	20.63%	34.51%	48.38%	62.25%	76.13%	90.00%	92.50%
Projected Dividends (M)	22,078.00	39,324.46	58,719.69	80,470.15	104,800.08	131,952.91	139,686.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36,342.36	36,686.83	37,031.31
Year 2 PV (M)	50,151.54	51,106.79	52,071.05
Year 3 PV (M)	63,516.37	65,339.69	67,197.58
Year 4 PV (M)	76,447.40	79,387.35	82,411.29
Year 5 PV (M)	88,955.00	93,251.56	97,712.56
PV of Terminal Value (M)	2,247,688.77	2,356,252.98	2,468,972.19
Equity Value (M)	2,563,101.43	2,682,025.20	2,805,395.98
Shares Outstanding (M)	432.86	432.86	432.86
Fair Value	$5,921.38	$6,196.12	$6,481.14
Upside / Downside	12.85%	18.09%	23.52%

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Nippon Sanso Holdings Corporation (4091.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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