DDM Analysis: 6508.T

Valuation Snapshot

Stable Growth	$32,969.25 - $80,746.27	$75,671.08
Multi-Stage	$11,704.93 - $12,814.04	$12,249.28
Blended Fair Value	$43,960.18
Current Price	$5,890.00
Upside	646.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.18%	10.96%	84.89	46.97	53.01	53.01	44.99	49.97	45.01	39.99	39.99	54.91
YoY Growth	-	-	80.71%	-11.39%	0.00%	17.83%	-9.97%	11.02%	12.57%	0.00%	-27.18%	83.03%
Dividend Yield	-	-	1.56%	1.28%	2.65%	2.66%	2.04%	2.86%	2.54%	2.00%	2.08%	3.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,419.00
(-) Cash Dividends Paid (M)	5,570.00
(=) Cash Retained (M)	12,849.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,683.80	2,302.38	1,381.43
Cash Retained (M)	12,849.00	12,849.00	12,849.00
(-) Cash Required (M)	-3,683.80	-2,302.38	-1,381.43
(=) Excess Retained (M)	9,165.20	10,546.63	11,467.58
(/) Shares Outstanding (M)	45.37	45.37	45.37
(=) Excess Retained per Share	202.03	232.48	252.78
LTM Dividend per Share	122.78	122.78	122.78
(+) Excess Retained per Share	202.03	232.48	252.78
(=) Adjusted Dividend	324.81	355.26	375.56
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32,969.25	$75,671.08	$80,746.27
Upside / Downside	459.75%	1,184.74%	1,270.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,419.00	19,616.24	20,891.29	22,249.22	23,695.42	25,235.63	25,992.70
Payout Ratio	30.24%	42.19%	54.14%	66.10%	78.05%	90.00%	92.50%
Projected Dividends (M)	5,570.00	8,276.56	11,311.44	14,705.89	18,493.83	22,712.06	24,043.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,695.60	7,768.55	7,841.49
Year 2 PV (M)	9,779.20	9,965.47	10,153.49
Year 3 PV (M)	11,821.41	12,160.76	12,506.55
Year 4 PV (M)	13,822.85	14,354.44	14,901.21
Year 5 PV (M)	15,784.11	16,546.48	17,338.04
PV of Terminal Value (M)	472,094.41	494,896.74	518,571.78
Equity Value (M)	530,997.58	555,692.44	581,312.56
Shares Outstanding (M)	45.37	45.37	45.37
Fair Value	$11,704.93	$12,249.28	$12,814.04
Upside / Downside	98.73%	107.97%	117.56%

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Meidensha Corporation (6508.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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