DDM Analysis: 7276.T

Valuation Snapshot

Stable Growth	$2,309.99 - $4,121.54	$3,072.58
Multi-Stage	$3,900.22 - $4,285.83	$4,089.32
Blended Fair Value	$3,580.95
Current Price	$1,724.50
Upside	107.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.21%	14.15%	58.25	44.27	29.96	29.95	22.19	57.65	55.41	38.79	22.16	23.28
YoY Growth	-	-	31.60%	47.77%	0.01%	35.01%	-61.51%	4.03%	42.87%	75.02%	-4.79%	50.02%
Dividend Yield	-	-	3.38%	2.00%	1.16%	1.39%	0.64%	2.66%	1.88%	1.06%	0.77%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,064.00
(-) Cash Dividends Paid (M)	16,257.00
(=) Cash Retained (M)	32,807.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,812.80	6,133.00	3,679.80
Cash Retained (M)	32,807.00	32,807.00	32,807.00
(-) Cash Required (M)	-9,812.80	-6,133.00	-3,679.80
(=) Excess Retained (M)	22,994.20	26,674.00	29,127.20
(/) Shares Outstanding (M)	289.92	289.92	289.92
(=) Excess Retained per Share	79.31	92.00	100.47
LTM Dividend per Share	56.07	56.07	56.07
(+) Excess Retained per Share	79.31	92.00	100.47
(=) Adjusted Dividend	135.39	148.08	156.54
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.64%	1.64%	2.64%
Fair Value	$2,309.99	$3,072.58	$4,121.54
Upside / Downside	33.95%	78.17%	139.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,064.00	49,868.32	50,685.82	51,516.72	52,361.25	53,219.62	54,816.21
Payout Ratio	33.13%	44.51%	55.88%	67.25%	78.63%	90.00%	92.50%
Projected Dividends (M)	16,257.00	22,195.10	28,323.52	34,646.91	41,170.00	47,897.66	50,704.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.64%	1.64%	2.64%
Year 1 PV (M)	20,628.14	20,833.11	21,038.08
Year 2 PV (M)	24,465.44	24,954.05	25,447.50
Year 3 PV (M)	27,814.62	28,652.02	29,506.06
Year 4 PV (M)	30,717.96	31,957.19	33,233.54
Year 5 PV (M)	33,214.57	34,897.87	36,648.73
PV of Terminal Value (M)	993,919.51	1,044,290.92	1,096,684.18
Equity Value (M)	1,130,760.23	1,185,585.16	1,242,558.10
Shares Outstanding (M)	289.92	289.92	289.92
Fair Value	$3,900.22	$4,089.32	$4,285.83
Upside / Downside	126.17%	137.13%	148.53%

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Koito Manufacturing Co., Ltd. (7276.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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