DDM Analysis: 3109.T

Valuation Snapshot

Stable Growth	$875.51 - $1,460.85	$1,133.31
Multi-Stage	$1,738.66 - $1,913.00	$1,824.13
Blended Fair Value	$1,478.72
Current Price	$1,001.00
Upside	47.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.65%	14.42%	70.70	45.77	36.53	34.01	34.09	34.17	34.17	30.69	27.14	18.54
YoY Growth	-	-	54.48%	25.27%	7.42%	-0.23%	-0.23%	0.00%	11.31%	13.08%	46.38%	0.86%
Dividend Yield	-	-	7.25%	4.08%	3.62%	3.80%	3.61%	3.44%	3.50%	2.40%	1.86%	1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	951.00
(-) Cash Dividends Paid (M)	290.50
(=) Cash Retained (M)	660.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	190.20	118.88	71.33
Cash Retained (M)	660.50	660.50	660.50
(-) Cash Required (M)	-190.20	-118.88	-71.33
(=) Excess Retained (M)	470.30	541.63	589.18
(/) Shares Outstanding (M)	12.67	12.67	12.67
(=) Excess Retained per Share	37.11	42.74	46.49
LTM Dividend per Share	22.92	22.92	22.92
(+) Excess Retained per Share	37.11	42.74	46.49
(=) Adjusted Dividend	60.03	65.66	69.41
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.49%	0.51%	1.51%
Fair Value	$875.51	$1,133.31	$1,460.85
Upside / Downside	-12.54%	13.22%	45.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	951.00	955.86	960.75	965.66	970.59	975.56	1,004.82
Payout Ratio	30.55%	42.44%	54.33%	66.22%	78.11%	90.00%	92.50%
Projected Dividends (M)	290.50	405.64	521.96	639.45	758.12	878.00	929.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-0.49%	0.51%	1.51%
Year 1 PV (M)	377.68	381.48	385.27
Year 2 PV (M)	452.48	461.62	470.85
Year 3 PV (M)	516.12	531.84	547.87
Year 4 PV (M)	569.74	592.99	616.94
Year 5 PV (M)	614.34	645.84	678.61
PV of Terminal Value (M)	19,503.97	20,503.86	21,544.33
Equity Value (M)	22,034.34	23,117.62	24,243.89
Shares Outstanding (M)	12.67	12.67	12.67
Fair Value	$1,738.66	$1,824.13	$1,913.00
Upside / Downside	73.69%	82.23%	91.11%

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Shikibo Ltd. (3109.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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