DDM Analysis: 4736.T

Valuation Snapshot

Stable Growth	$586.88 - $870.85	$722.46
Multi-Stage	$1,066.19 - $1,173.88	$1,118.97
Blended Fair Value	$920.72
Current Price	$767.00
Upside	20.04%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	-0.90%	0.00%	4.75	9.80	4.98	4.97	4.82	4.97	0.00	0.00	0.00	0.00
YoY Growth	-	-	-51.53%	96.58%	0.30%	3.07%	-2.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.62%	1.22%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	386.16
(-) Cash Dividends Paid (M)	52.35
(=) Cash Retained (M)	333.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77.23	48.27	28.96
Cash Retained (M)	333.81	333.81	333.81
(-) Cash Required (M)	-77.23	-48.27	-28.96
(=) Excess Retained (M)	256.58	285.54	304.85
(/) Shares Outstanding (M)	5.28	5.28	5.28
(=) Excess Retained per Share	48.55	54.03	57.69
LTM Dividend per Share	9.91	9.91	9.91
(+) Excess Retained per Share	48.55	54.03	57.69
(=) Adjusted Dividend	58.46	63.94	67.59
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$586.88	$722.46	$870.85
Upside / Downside	-23.48%	-5.81%	13.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	386.16	382.30	378.48	374.69	370.95	367.24	378.25
Payout Ratio	13.56%	28.85%	44.13%	59.42%	74.71%	90.00%	92.50%
Projected Dividends (M)	52.35	110.28	167.04	222.65	277.14	330.51	349.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	101.30	102.33	103.37
Year 2 PV (M)	140.95	143.84	146.76
Year 3 PV (M)	172.59	177.92	183.37
Year 4 PV (M)	197.33	205.51	213.94
Year 5 PV (M)	216.18	227.44	239.16
PV of Terminal Value (M)	4,805.84	5,056.09	5,316.66
Equity Value (M)	5,634.19	5,913.13	6,203.26
Shares Outstanding (M)	5.28	5.28	5.28
Fair Value	$1,066.19	$1,118.97	$1,173.88
Upside / Downside	39.01%	45.89%	53.05%

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Nippon RAD Inc. (4736.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener