DDM Analysis: 5989.T

Valuation Snapshot

Stable Growth	$4,227.47 - $7,221.16	$5,525.22
Multi-Stage	$7,541.65 - $8,297.89	$7,912.44
Blended Fair Value	$6,718.83
Current Price	$1,287.00
Upside	422.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-4.31%	-0.59%	20.71	18.71	24.76	25.72	24.69	25.82	25.82	24.80	21.91	21.98
YoY Growth	-	-	10.73%	-24.47%	-3.70%	4.14%	-4.37%	0.00%	4.12%	13.18%	-0.32%	0.00%
Dividend Yield	-	-	1.61%	1.87%	3.32%	4.31%	3.26%	4.67%	3.22%	2.04%	1.78%	4.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,684.00
(-) Cash Dividends Paid (M)	1,403.00
(=) Cash Retained (M)	8,281.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,936.80	1,210.50	726.30
Cash Retained (M)	8,281.00	8,281.00	8,281.00
(-) Cash Required (M)	-1,936.80	-1,210.50	-726.30
(=) Excess Retained (M)	6,344.20	7,070.50	7,554.70
(/) Shares Outstanding (M)	28.39	28.39	28.39
(=) Excess Retained per Share	223.48	249.07	266.13
LTM Dividend per Share	49.42	49.42	49.42
(+) Excess Retained per Share	223.48	249.07	266.13
(=) Adjusted Dividend	272.91	298.49	315.55
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.08%	1.08%	2.08%
Fair Value	$4,227.47	$5,525.22	$7,221.16
Upside / Downside	228.47%	329.31%	461.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,684.00	9,788.30	9,893.73	10,000.29	10,108.00	10,216.88	10,523.38
Payout Ratio	14.49%	29.59%	44.69%	59.80%	74.90%	90.00%	92.50%
Projected Dividends (M)	1,403.00	2,896.38	4,421.77	5,979.69	7,570.65	9,195.19	9,734.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.08%	1.08%	2.08%
Year 1 PV (M)	2,691.75	2,718.65	2,745.55
Year 2 PV (M)	3,819.04	3,895.75	3,973.21
Year 3 PV (M)	4,799.72	4,945.04	5,093.27
Year 4 PV (M)	5,647.41	5,876.54	6,112.57
Year 5 PV (M)	6,374.64	6,699.55	7,037.58
PV of Terminal Value (M)	190,757.80	200,480.72	210,596.13
Equity Value (M)	214,090.36	224,616.25	235,558.30
Shares Outstanding (M)	28.39	28.39	28.39
Fair Value	$7,541.65	$7,912.44	$8,297.89
Upside / Downside	485.99%	514.80%	544.75%

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H-One Co.,Ltd. (5989.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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