DDM Analysis: 8273.T

Valuation Snapshot

Stable Growth	$1,402.62 - $2,116.14	$1,739.36
Multi-Stage	$3,677.15 - $4,048.93	$3,859.35
Blended Fair Value	$2,799.36
Current Price	$3,231.00
Upside	-13.36%
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	2.35%	6.90%	90.20	88.15	86.12	86.22	80.30	80.30	80.30	68.26	66.25	59.23
YoY Growth	-	-	2.32%	2.36%	-0.11%	7.36%	0.00%	0.00%	17.65%	3.02%	11.85%	27.93%
Dividend Yield	-	-	2.75%	2.61%	2.69%	3.12%	1.96%	2.41%	1.73%	1.01%	1.10%	1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,847.00
(-) Cash Dividends Paid (M)	8,049.00
(=) Cash Retained (M)	3,798.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,369.40	1,480.88	888.53
Cash Retained (M)	3,798.00	3,798.00	3,798.00
(-) Cash Required (M)	-2,369.40	-1,480.88	-888.53
(=) Excess Retained (M)	1,428.60	2,317.13	2,909.48
(/) Shares Outstanding (M)	71.38	71.38	71.38
(=) Excess Retained per Share	20.01	32.46	40.76
LTM Dividend per Share	112.77	112.77	112.77
(+) Excess Retained per Share	20.01	32.46	40.76
(=) Adjusted Dividend	132.78	145.23	153.53
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-3.00%	-2.00%	-1.00%
Fair Value	$1,402.62	$1,739.36	$2,116.14
Upside / Downside	-56.59%	-46.17%	-34.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,847.00	11,609.70	11,377.15	11,149.25	10,925.93	10,707.07	11,028.28
Payout Ratio	67.94%	72.35%	76.76%	81.18%	85.59%	90.00%	92.50%
Projected Dividends (M)	8,049.00	8,399.96	8,733.64	9,050.57	9,351.31	9,636.36	10,201.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-3.00%	-2.00%	-1.00%
Year 1 PV (M)	7,830.39	7,911.12	7,991.85
Year 2 PV (M)	7,589.40	7,746.69	7,905.60
Year 3 PV (M)	7,331.52	7,560.63	7,794.45
Year 4 PV (M)	7,061.50	7,357.23	7,662.17
Year 5 PV (M)	6,783.34	7,140.29	7,512.12
PV of Terminal Value (M)	225,871.94	237,757.75	250,138.75
Equity Value (M)	262,468.09	275,473.72	289,004.93
Shares Outstanding (M)	71.38	71.38	71.38
Fair Value	$3,677.15	$3,859.35	$4,048.93
Upside / Downside	13.81%	19.45%	25.31%

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Izumi Co., Ltd. (8273.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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