DDM Analysis: 7298.T

Valuation Snapshot

Stable Growth	$2,786.34 - $4,955.07	$3,701.32
Multi-Stage	$4,667.43 - $5,132.69	$4,895.57
Blended Fair Value	$4,298.45
Current Price	$1,382.00
Upside	211.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-0.68%	3.79%	29.06	14.03	16.03	24.05	24.05	30.06	52.60	22.04	21.04	21.04
YoY Growth	-	-	107.14%	-12.50%	-33.33%	0.00%	-20.00%	-42.86%	138.64%	4.76%	0.00%	5.00%
Dividend Yield	-	-	2.49%	2.21%	2.62%	4.82%	3.67%	2.51%	4.71%	2.63%	1.95%	3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,923.00
(-) Cash Dividends Paid (M)	816.00
(=) Cash Retained (M)	4,107.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	984.60	615.38	369.23
Cash Retained (M)	4,107.00	4,107.00	4,107.00
(-) Cash Required (M)	-984.60	-615.38	-369.23
(=) Excess Retained (M)	3,122.40	3,491.63	3,737.78
(/) Shares Outstanding (M)	23.95	23.95	23.95
(=) Excess Retained per Share	130.36	145.77	156.05
LTM Dividend per Share	34.07	34.07	34.07
(+) Excess Retained per Share	130.36	145.77	156.05
(=) Adjusted Dividend	164.43	179.84	190.12
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.60%	1.60%	2.60%
Fair Value	$2,786.34	$3,701.32	$4,955.07
Upside / Downside	101.62%	167.82%	258.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,923.00	5,001.82	5,081.90	5,163.26	5,245.92	5,329.91	5,489.81
Payout Ratio	16.58%	31.26%	45.95%	60.63%	75.32%	90.00%	92.50%
Projected Dividends (M)	816.00	1,563.58	2,334.89	3,130.49	3,950.97	4,796.92	5,078.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.60%	1.60%	2.60%
Year 1 PV (M)	1,453.19	1,467.63	1,482.08
Year 2 PV (M)	2,016.82	2,057.12	2,097.81
Year 3 PV (M)	2,513.14	2,588.83	2,666.02
Year 4 PV (M)	2,947.87	3,066.84	3,189.38
Year 5 PV (M)	3,326.36	3,495.00	3,670.41
PV of Terminal Value (M)	99,538.54	104,585.07	109,834.24
Equity Value (M)	111,795.91	117,260.49	122,939.94
Shares Outstanding (M)	23.95	23.95	23.95
Fair Value	$4,667.43	$4,895.57	$5,132.69
Upside / Downside	237.73%	254.24%	271.40%

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Yachiyo Industry Co., Ltd. (7298.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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