DDM Analysis: 6082.T

Valuation Snapshot

Stable Growth	$438.77 - $669.20	$546.67
Multi-Stage	$614.37 - $674.39	$643.80
Blended Fair Value	$595.24
Current Price	$1,002.00
Upside	-40.59%
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	6.72%	0.00%	14.87	29.86	31.07	32.83	21.50	10.74	10.77	10.66	10.54	10.33
YoY Growth	-	-	-50.20%	-3.90%	-5.35%	52.67%	100.12%	-0.25%	1.03%	1.14%	2.01%	0.00%
Dividend Yield	-	-	1.48%	2.84%	2.94%	2.72%	1.51%	0.41%	0.91%	0.55%	1.04%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	472.19
(-) Cash Dividends Paid (M)	72.38
(=) Cash Retained (M)	399.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.44	59.02	35.41
Cash Retained (M)	399.82	399.82	399.82
(-) Cash Required (M)	-94.44	-59.02	-35.41
(=) Excess Retained (M)	305.38	340.79	364.40
(/) Shares Outstanding (M)	9.78	9.78	9.78
(=) Excess Retained per Share	31.24	34.86	37.28
LTM Dividend per Share	7.40	7.40	7.40
(+) Excess Retained per Share	31.24	34.86	37.28
(=) Adjusted Dividend	38.64	42.26	44.68
WACC / Discount Rate	8.97%	8.97%	8.97%
Growth Rate	0.15%	1.15%	2.15%
Fair Value	$438.77	$546.67	$669.20
Upside / Downside	-56.21%	-45.44%	-33.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	472.19	477.62	483.10	488.65	494.27	499.95	514.94
Payout Ratio	15.33%	30.26%	45.20%	60.13%	75.07%	90.00%	92.50%
Projected Dividends (M)	72.38	144.54	218.35	293.83	371.02	449.95	476.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.97%	8.97%	8.97%
Growth Rate	0.15%	1.15%	2.15%
Year 1 PV (M)	131.33	132.64	133.95
Year 2 PV (M)	180.27	183.88	187.54
Year 3 PV (M)	220.42	227.09	233.89
Year 4 PV (M)	252.89	263.15	273.71
Year 5 PV (M)	278.67	292.86	307.62
PV of Terminal Value (M)	4,942.45	5,194.19	5,456.07
Equity Value (M)	6,006.03	6,293.81	6,592.79
Shares Outstanding (M)	9.78	9.78	9.78
Fair Value	$614.37	$643.80	$674.39
Upside / Downside	-38.69%	-35.75%	-32.70%

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RIDE ON EXPRESS HOLDINGS Co., Ltd. (6082.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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