DDM Analysis: 4684.T

Valuation Snapshot

Stable Growth	$3,574.25 - $9,022.66	$5,381.24
Multi-Stage	$2,541.27 - $2,772.96	$2,655.03
Blended Fair Value	$4,018.13
Current Price	$5,154.00
Upside	-22.04%
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	17.22%	18.36%	66.00	54.43	46.87	39.88	34.37	29.83	25.27	19.21	18.20	14.73
YoY Growth	-	-	21.25%	16.14%	17.53%	16.01%	15.25%	18.01%	31.57%	5.56%	23.55%	20.43%
Dividend Yield	-	-	1.18%	1.32%	1.02%	1.04%	0.83%	0.79%	1.02%	1.05%	1.32%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69,865.00
(-) Cash Dividends Paid (M)	30,792.00
(=) Cash Retained (M)	39,073.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13,973.00	8,733.13	5,239.88
Cash Retained (M)	39,073.00	39,073.00	39,073.00
(-) Cash Required (M)	-13,973.00	-8,733.13	-5,239.88
(=) Excess Retained (M)	25,100.00	30,339.88	33,833.13
(/) Shares Outstanding (M)	439.89	439.89	439.89
(=) Excess Retained per Share	57.06	68.97	76.91
LTM Dividend per Share	70.00	70.00	70.00
(+) Excess Retained per Share	57.06	68.97	76.91
(=) Adjusted Dividend	127.06	138.97	146.91
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,574.25	$5,381.24	$9,022.66
Upside / Downside	-30.65%	4.41%	75.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69,865.00	74,406.23	79,242.63	84,393.40	89,878.97	95,721.10	98,592.74
Payout Ratio	44.07%	53.26%	62.44%	71.63%	80.81%	90.00%	92.50%
Projected Dividends (M)	30,792.00	39,627.90	49,482.38	60,450.51	72,635.43	86,148.99	91,198.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35,931.97	36,272.55	36,613.14
Year 2 PV (M)	40,682.75	41,457.65	42,239.85
Year 3 PV (M)	45,065.02	46,358.68	47,676.86
Year 4 PV (M)	49,098.48	50,986.67	52,928.80
Year 5 PV (M)	52,801.91	55,352.26	58,000.22
PV of Terminal Value (M)	894,292.10	937,486.74	982,334.54
Equity Value (M)	1,117,872.23	1,167,914.55	1,219,793.42
Shares Outstanding (M)	439.89	439.89	439.89
Fair Value	$2,541.27	$2,655.03	$2,772.96
Upside / Downside	-50.69%	-48.49%	-46.20%

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OBIC Co.,Ltd. (4684.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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