DDM Analysis: 3086.T

Valuation Snapshot

Stable Growth	$1,608.70 - $2,841.02	$2,131.06
Multi-Stage	$3,062.74 - $3,366.90	$3,211.88
Blended Fair Value	$2,671.47
Current Price	$2,301.50
Upside	16.08%
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	2.91%	5.56%	42.73	32.94	30.85	32.88	27.79	37.01	36.98	30.81	28.77	26.84
YoY Growth	-	-	29.72%	6.77%	-6.18%	18.31%	-24.90%	0.07%	20.03%	7.08%	7.21%	7.95%
Dividend Yield	-	-	2.10%	2.16%	2.26%	3.16%	2.58%	4.04%	3.26%	1.80%	1.84%	2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,685.00
(-) Cash Dividends Paid (M)	13,397.00
(=) Cash Retained (M)	17,288.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,137.00	3,835.63	2,301.38
Cash Retained (M)	17,288.00	17,288.00	17,288.00
(-) Cash Required (M)	-6,137.00	-3,835.63	-2,301.38
(=) Excess Retained (M)	11,151.00	13,452.38	14,986.63
(/) Shares Outstanding (M)	253.88	253.88	253.88
(=) Excess Retained per Share	43.92	52.99	59.03
LTM Dividend per Share	52.77	52.77	52.77
(+) Excess Retained per Share	43.92	52.99	59.03
(=) Adjusted Dividend	96.69	105.76	111.80
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	0.16%	1.16%	2.16%
Fair Value	$1,608.70	$2,131.06	$2,841.02
Upside / Downside	-30.10%	-7.41%	23.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,685.00	31,040.92	31,400.97	31,765.19	32,133.64	32,506.36	33,481.56
Payout Ratio	43.66%	52.93%	62.20%	71.46%	80.73%	90.00%	92.50%
Projected Dividends (M)	13,397.00	16,429.28	19,530.10	22,700.65	25,942.12	29,255.73	30,970.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	0.16%	1.16%	2.16%
Year 1 PV (M)	15,320.07	15,473.02	15,625.98
Year 2 PV (M)	16,982.00	17,322.79	17,666.96
Year 3 PV (M)	18,406.22	18,963.05	19,530.99
Year 4 PV (M)	19,614.35	20,409.48	21,228.54
Year 5 PV (M)	20,626.31	21,676.74	22,769.54
PV of Terminal Value (M)	686,607.58	721,574.43	757,951.59
Equity Value (M)	777,556.51	815,419.50	854,773.61
Shares Outstanding (M)	253.88	253.88	253.88
Fair Value	$3,062.74	$3,211.88	$3,366.90
Upside / Downside	33.08%	39.56%	46.29%

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J. Front Retailing Co., Ltd. (3086.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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