DDM Analysis: 6376.T

Valuation Snapshot

Stable Growth	$2,537.95 - $7,269.53	$3,971.38
Multi-Stage	$2,699.99 - $2,961.47	$2,828.27
Blended Fair Value	$3,399.83
Current Price	$1,283.00
Upside	164.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.88%	4.88%	29.94	24.94	24.17	21.47	21.47	21.47	17.17	17.16	18.24	18.61
YoY Growth	-	-	20.07%	3.18%	12.57%	0.00%	0.00%	25.02%	0.09%	-5.95%	-1.94%	0.08%
Dividend Yield	-	-	2.35%	1.95%	2.57%	2.34%	1.91%	2.66%	1.28%	1.55%	1.43%	2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,933.00
(-) Cash Dividends Paid (M)	1,987.00
(=) Cash Retained (M)	4,946.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,386.60	866.63	519.98
Cash Retained (M)	4,946.00	4,946.00	4,946.00
(-) Cash Required (M)	-1,386.60	-866.63	-519.98
(=) Excess Retained (M)	3,559.40	4,079.38	4,426.03
(/) Shares Outstanding (M)	66.32	66.32	66.32
(=) Excess Retained per Share	53.67	61.51	66.73
LTM Dividend per Share	29.96	29.96	29.96
(+) Excess Retained per Share	53.67	61.51	66.73
(=) Adjusted Dividend	83.63	91.47	96.69
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.14%	4.14%	5.14%
Fair Value	$2,537.95	$3,971.38	$7,269.53
Upside / Downside	97.81%	209.54%	466.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,933.00	7,220.07	7,519.02	7,830.35	8,154.58	8,492.22	8,746.99
Payout Ratio	28.66%	40.93%	53.20%	65.46%	77.73%	90.00%	92.50%
Projected Dividends (M)	1,987.00	2,955.03	3,999.82	5,126.06	6,338.72	7,643.00	8,090.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.14%	4.14%	5.14%
Year 1 PV (M)	2,747.03	2,773.66	2,800.29
Year 2 PV (M)	3,456.54	3,523.89	3,591.89
Year 3 PV (M)	4,118.00	4,238.94	4,362.23
Year 4 PV (M)	4,733.74	4,920.01	5,111.72
Year 5 PV (M)	5,306.00	5,568.26	5,840.79
PV of Terminal Value (M)	158,713.85	166,558.55	174,710.42
Equity Value (M)	179,075.15	187,583.31	196,417.35
Shares Outstanding (M)	66.32	66.32	66.32
Fair Value	$2,699.99	$2,828.27	$2,961.47
Upside / Downside	110.44%	120.44%	130.82%

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Nikkiso Co., Ltd. (6376.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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