DDM Analysis: 6268.T

Valuation Snapshot

Stable Growth	$1,687.20 - $2,910.36	$2,213.95
Multi-Stage	$3,068.33 - $3,369.00	$3,215.78
Blended Fair Value	$2,714.86
Current Price	$3,349.00
Upside	-18.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.25%	6.62%	80.45	79.20	78.17	73.34	80.76	75.60	76.54	62.06	48.55	47.16
YoY Growth	-	-	1.58%	1.31%	6.59%	-9.19%	6.83%	-1.23%	23.32%	27.82%	2.95%	11.33%
Dividend Yield	-	-	3.48%	3.00%	2.41%	2.25%	1.60%	3.03%	2.25%	1.51%	1.65%	1.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,966.00
(-) Cash Dividends Paid (M)	9,652.00
(=) Cash Retained (M)	6,314.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,193.20	1,995.75	1,197.45
Cash Retained (M)	6,314.00	6,314.00	6,314.00
(-) Cash Required (M)	-3,193.20	-1,995.75	-1,197.45
(=) Excess Retained (M)	3,120.80	4,318.25	5,116.55
(/) Shares Outstanding (M)	119.99	119.99	119.99
(=) Excess Retained per Share	26.01	35.99	42.64
LTM Dividend per Share	80.44	80.44	80.44
(+) Excess Retained per Share	26.01	35.99	42.64
(=) Adjusted Dividend	106.45	116.43	123.08
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.22%	1.22%	2.22%
Fair Value	$1,687.20	$2,213.95	$2,910.36
Upside / Downside	-49.62%	-33.89%	-13.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,966.00	16,160.25	16,356.86	16,555.87	16,757.29	16,961.17	17,470.01
Payout Ratio	60.45%	66.36%	72.27%	78.18%	84.09%	90.00%	92.50%
Projected Dividends (M)	9,652.00	10,724.39	11,821.44	12,943.61	14,091.33	15,265.05	16,159.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.22%	1.22%	2.22%
Year 1 PV (M)	9,966.68	10,066.13	10,165.58
Year 2 PV (M)	10,210.01	10,414.78	10,621.59
Year 3 PV (M)	10,389.35	10,703.47	11,023.86
Year 4 PV (M)	10,511.45	10,937.33	11,376.01
Year 5 PV (M)	10,582.47	11,121.09	11,681.43
PV of Terminal Value (M)	316,516.23	332,626.14	349,385.43
Equity Value (M)	368,176.19	385,868.94	404,253.90
Shares Outstanding (M)	119.99	119.99	119.99
Fair Value	$3,068.33	$3,215.78	$3,369.00
Upside / Downside	-8.38%	-3.98%	0.60%

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Nabtesco Corporation (6268.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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