DDM Analysis: 7741.T

Valuation Snapshot

Stable Growth	$8,264.67 - $14,478.74	$10,912.24
Multi-Stage	$7,860.80 - $8,590.72	$8,219.08
Blended Fair Value	$9,565.66
Current Price	$20,475.00
Upside	-53.28%
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	2.45%	1.81%	111.58	112.63	115.58	96.43	97.94	98.87	99.16	84.35	85.53	91.48
YoY Growth	-	-	-0.93%	-2.55%	19.86%	-1.54%	-0.95%	-0.29%	17.56%	-1.38%	-6.51%	-1.89%
Dividend Yield	-	-	0.65%	0.61%	0.68%	0.83%	0.66%	0.96%	1.20%	1.34%	1.47%	2.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	209,280.00
(-) Cash Dividends Paid (M)	55,040.00
(=) Cash Retained (M)	154,240.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41,856.00	26,160.00	15,696.00
Cash Retained (M)	154,240.00	154,240.00	154,240.00
(-) Cash Required (M)	-41,856.00	-26,160.00	-15,696.00
(=) Excess Retained (M)	112,384.00	128,080.00	138,544.00
(/) Shares Outstanding (M)	344.31	344.31	344.31
(=) Excess Retained per Share	326.41	372.00	402.39
LTM Dividend per Share	159.86	159.86	159.86
(+) Excess Retained per Share	326.41	372.00	402.39
(=) Adjusted Dividend	486.27	531.85	562.24
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	3.86%	4.86%	5.86%
Fair Value	$8,264.67	$10,912.24	$14,478.74
Upside / Downside	-59.64%	-46.70%	-29.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	209,280.00	219,453.74	230,122.05	241,308.99	253,039.75	265,340.79	273,301.01
Payout Ratio	26.30%	39.04%	51.78%	64.52%	77.26%	90.00%	92.50%
Projected Dividends (M)	55,040.00	85,674.20	119,156.78	155,692.26	195,498.36	238,806.71	252,803.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	3.86%	4.86%	5.86%
Year 1 PV (M)	77,162.42	77,905.36	78,648.30
Year 2 PV (M)	96,656.33	98,526.55	100,414.69
Year 3 PV (M)	113,745.53	117,062.77	120,443.89
Year 4 PV (M)	128,637.09	133,663.29	138,835.36
Year 5 PV (M)	141,522.47	148,467.98	155,683.55
PV of Terminal Value (M)	2,148,793.52	2,254,250.12	2,363,807.07
Equity Value (M)	2,706,517.37	2,829,876.07	2,957,832.85
Shares Outstanding (M)	344.31	344.31	344.31
Fair Value	$7,860.80	$8,219.08	$8,590.72
Upside / Downside	-61.61%	-59.86%	-58.04%

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HOYA Corporation (7741.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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