DDM Analysis: 6703.T

Valuation Snapshot

Stable Growth	$894.31 - $1,300.77	$1,091.18
Multi-Stage	$2,108.32 - $2,324.07	$2,214.04
Blended Fair Value	$1,652.61
Current Price	$1,614.00
Upside	2.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-9.70%	-6.22%	29.82	19.90	29.83	19.90	49.68	49.66	29.99	49.84	49.78	49.74
YoY Growth	-	-	49.83%	-33.28%	49.88%	-59.94%	0.02%	65.59%	-39.82%	0.12%	0.07%	-12.26%
Dividend Yield	-	-	1.85%	1.92%	3.32%	2.69%	4.88%	4.78%	2.21%	4.02%	3.13%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,686.00
(-) Cash Dividends Paid (M)	3,882.00
(=) Cash Retained (M)	6,804.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,137.20	1,335.75	801.45
Cash Retained (M)	6,804.00	6,804.00	6,804.00
(-) Cash Required (M)	-2,137.20	-1,335.75	-801.45
(=) Excess Retained (M)	4,666.80	5,468.25	6,002.55
(/) Shares Outstanding (M)	86.72	86.72	86.72
(=) Excess Retained per Share	53.81	63.05	69.22
LTM Dividend per Share	44.76	44.76	44.76
(+) Excess Retained per Share	53.81	63.05	69.22
(=) Adjusted Dividend	98.58	107.82	113.98
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-3.76%	-2.76%	-1.76%
Fair Value	$894.31	$1,091.18	$1,300.77
Upside / Downside	-44.59%	-32.39%	-19.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,686.00	10,391.49	10,105.10	9,826.61	9,555.79	9,292.43	9,571.20
Payout Ratio	36.33%	47.06%	57.80%	68.53%	79.27%	90.00%	92.50%
Projected Dividends (M)	3,882.00	4,890.48	5,840.42	6,734.29	7,574.45	8,363.19	8,853.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-3.76%	-2.76%	-1.76%
Year 1 PV (M)	4,529.78	4,576.85	4,623.91
Year 2 PV (M)	5,010.67	5,115.34	5,221.09
Year 3 PV (M)	5,351.43	5,519.97	5,692.02
Year 4 PV (M)	5,575.13	5,810.47	6,053.19
Year 5 PV (M)	5,701.66	6,004.09	6,319.22
PV of Terminal Value (M)	156,671.03	164,981.19	173,640.31
Equity Value (M)	182,839.70	192,007.92	201,549.74
Shares Outstanding (M)	86.72	86.72	86.72
Fair Value	$2,108.32	$2,214.04	$2,324.07
Upside / Downside	30.63%	37.18%	43.99%

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Oki Electric Industry Co., Ltd. (6703.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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