DDM Analysis: 3407.T

Valuation Snapshot

Stable Growth	$4,731.29 - $20,369.58	$11,543.18
Multi-Stage	$3,027.88 - $3,317.10	$3,169.81
Blended Fair Value	$7,356.49
Current Price	$1,164.50
Upside	531.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.50%	6.53%	36.62	36.62	35.60	34.59	33.57	35.71	37.88	28.66	20.48	20.48
YoY Growth	-	-	0.00%	2.86%	2.94%	3.03%	-6.00%	-5.71%	32.14%	39.99%	-0.01%	5.24%
Dividend Yield	-	-	3.57%	3.57%	3.66%	3.34%	2.75%	4.08%	3.17%	2.04%	1.70%	2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141,013.00
(-) Cash Dividends Paid (M)	52,174.00
(=) Cash Retained (M)	88,839.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28,202.60	17,626.63	10,575.98
Cash Retained (M)	88,839.00	88,839.00	88,839.00
(-) Cash Required (M)	-28,202.60	-17,626.63	-10,575.98
(=) Excess Retained (M)	60,636.40	71,212.38	78,263.03
(/) Shares Outstanding (M)	1,364.30	1,364.30	1,364.30
(=) Excess Retained per Share	44.44	52.20	57.36
LTM Dividend per Share	38.24	38.24	38.24
(+) Excess Retained per Share	44.44	52.20	57.36
(=) Adjusted Dividend	82.69	90.44	95.61
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.53%	5.53%	6.53%
Fair Value	$4,731.29	$11,543.18	$20,369.58
Upside / Downside	306.29%	891.26%	1,649.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141,013.00	148,807.74	157,033.34	165,713.63	174,873.73	184,540.18	190,076.39
Payout Ratio	37.00%	47.60%	58.20%	68.80%	79.40%	90.00%	92.50%
Projected Dividends (M)	52,174.00	70,831.80	91,392.86	114,010.60	138,849.54	166,086.16	175,820.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.53%	5.53%	6.53%
Year 1 PV (M)	65,968.63	66,599.74	67,230.85
Year 2 PV (M)	79,273.98	80,798.04	82,336.61
Year 3 PV (M)	92,102.79	94,771.56	97,491.39
Year 4 PV (M)	104,467.51	108,522.94	112,695.31
Year 5 PV (M)	116,380.28	122,054.78	127,948.50
PV of Terminal Value (M)	3,672,760.14	3,851,837.56	4,037,833.04
Equity Value (M)	4,130,953.33	4,324,584.62	4,525,535.71
Shares Outstanding (M)	1,364.30	1,364.30	1,364.30
Fair Value	$3,027.88	$3,169.81	$3,317.10
Upside / Downside	160.02%	172.20%	184.85%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Asahi Kasei Corporation (3407.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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