DDM Analysis: 4578.T

Valuation Snapshot

Stable Growth	$18,438.80 - $46,942.68	$27,839.04
Multi-Stage	$28,481.39 - $31,316.59	$29,871.81
Blended Fair Value	$28,855.43
Current Price	$7,859.00
Upside	267.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.74%	2.82%	125.33	104.48	104.30	105.10	104.56	104.30	103.80	102.99	102.69	91.54
YoY Growth	-	-	19.96%	0.17%	-0.76%	0.52%	0.24%	0.48%	0.79%	0.30%	12.17%	-3.54%
Dividend Yield	-	-	1.62%	1.65%	2.48%	2.48%	2.23%	2.47%	2.38%	1.93%	2.04%	2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	449,106.00
(-) Cash Dividends Paid (M)	70,975.00
(=) Cash Retained (M)	378,131.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89,821.20	56,138.25	33,682.95
Cash Retained (M)	378,131.00	378,131.00	378,131.00
(-) Cash Required (M)	-89,821.20	-56,138.25	-33,682.95
(=) Excess Retained (M)	288,309.80	321,992.75	344,448.05
(/) Shares Outstanding (M)	532.68	532.68	532.68
(=) Excess Retained per Share	541.24	604.47	646.63
LTM Dividend per Share	133.24	133.24	133.24
(+) Excess Retained per Share	541.24	604.47	646.63
(=) Adjusted Dividend	674.48	737.71	779.87
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	1.83%	2.83%	3.83%
Fair Value	$18,438.80	$27,839.04	$46,942.68
Upside / Downside	134.62%	254.23%	497.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	449,106.00	461,830.50	474,915.53	488,371.29	502,208.30	516,437.34	531,930.46
Payout Ratio	15.80%	30.64%	45.48%	60.32%	75.16%	90.00%	92.50%
Projected Dividends (M)	70,975.00	141,518.24	216,001.89	294,592.63	377,463.39	464,793.61	492,035.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	1.83%	2.83%	3.83%
Year 1 PV (M)	132,762.70	134,066.42	135,370.15
Year 2 PV (M)	190,101.21	193,853.12	197,641.69
Year 3 PV (M)	243,227.60	250,463.66	257,841.83
Year 4 PV (M)	292,367.76	304,022.20	316,021.65
Year 5 PV (M)	337,736.85	354,648.58	372,231.09
PV of Terminal Value (M)	13,975,377.71	14,675,176.42	15,402,731.74
Equity Value (M)	15,171,573.83	15,912,230.40	16,681,838.15
Shares Outstanding (M)	532.68	532.68	532.68
Fair Value	$28,481.39	$29,871.81	$31,316.59
Upside / Downside	262.40%	280.10%	298.48%

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BDC	Belden Inc.	0.17%	$0.20	3.53%
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ALNT	Allient Inc.	0.16%	$0.09	7.91%
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Otsuka Holdings Co., Ltd. (4578.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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