DDM Analysis: 9319.T

Valuation Snapshot

Stable Growth	$1,635.54 - $3,238.90	$2,264.67
Multi-Stage	$2,460.46 - $2,701.72	$2,578.79
Blended Fair Value	$2,421.73
Current Price	$1,402.00
Upside	72.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.36%	3.51%	32.62	29.72	26.88	23.13	23.03	22.87	25.14	23.06	23.06	23.08
YoY Growth	-	-	9.77%	10.55%	16.21%	0.46%	0.71%	-9.05%	9.04%	0.00%	-0.11%	-0.12%
Dividend Yield	-	-	2.38%	2.26%	2.46%	2.38%	2.20%	2.31%	2.39%	1.85%	2.12%	2.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,843.69
(-) Cash Dividends Paid (M)	672.37
(=) Cash Retained (M)	1,171.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	368.74	230.46	138.28
Cash Retained (M)	1,171.32	1,171.32	1,171.32
(-) Cash Required (M)	-368.74	-230.46	-138.28
(=) Excess Retained (M)	802.58	940.86	1,033.05
(/) Shares Outstanding (M)	18.52	18.52	18.52
(=) Excess Retained per Share	43.34	50.80	55.78
LTM Dividend per Share	36.31	36.31	36.31
(+) Excess Retained per Share	43.34	50.80	55.78
(=) Adjusted Dividend	79.64	87.11	92.09
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	1.51%	2.51%	3.51%
Fair Value	$1,635.54	$2,264.67	$3,238.90
Upside / Downside	16.66%	61.53%	131.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,843.69	1,889.90	1,937.26	1,985.81	2,035.58	2,086.60	2,149.19
Payout Ratio	36.47%	47.17%	57.88%	68.59%	79.29%	90.00%	92.50%
Projected Dividends (M)	672.37	891.56	1,121.31	1,362.02	1,614.09	1,877.94	1,988.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	1.51%	2.51%	3.51%
Year 1 PV (M)	829.37	837.54	845.71
Year 2 PV (M)	970.35	989.56	1,008.96
Year 3 PV (M)	1,096.44	1,129.17	1,162.54
Year 4 PV (M)	1,208.73	1,257.07	1,306.85
Year 5 PV (M)	1,308.23	1,373.96	1,442.29
PV of Terminal Value (M)	40,153.78	42,171.04	44,268.56
Equity Value (M)	45,566.90	47,758.33	50,034.92
Shares Outstanding (M)	18.52	18.52	18.52
Fair Value	$2,460.46	$2,578.79	$2,701.72
Upside / Downside	75.50%	83.94%	92.70%

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Chuo Warehouse Co.,Ltd. (9319.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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