DDM Analysis: 8818.T

Valuation Snapshot

Stable Growth	$2,201.97 - $5,498.72	$3,304.02
Multi-Stage	$2,362.17 - $2,592.51	$2,475.17
Blended Fair Value	$2,889.60
Current Price	$1,639.00
Upside	76.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.30%	9.28%	37.64	36.13	39.22	34.49	30.90	26.46	21.53	19.34	18.26	17.15
YoY Growth	-	-	4.17%	-7.90%	13.74%	11.62%	16.78%	22.89%	11.33%	5.89%	6.48%	10.73%
Dividend Yield	-	-	2.51%	2.11%	3.40%	2.63%	2.27%	1.91%	2.14%	2.12%	2.61%	3.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,932.47
(-) Cash Dividends Paid (M)	464.48
(=) Cash Retained (M)	4,467.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	986.49	616.56	369.94
Cash Retained (M)	4,467.98	4,467.98	4,467.98
(-) Cash Required (M)	-986.49	-616.56	-369.94
(=) Excess Retained (M)	3,481.49	3,851.43	4,098.05
(/) Shares Outstanding (M)	48.74	48.74	48.74
(=) Excess Retained per Share	71.42	79.01	84.07
LTM Dividend per Share	9.53	9.53	9.53
(+) Excess Retained per Share	71.42	79.01	84.07
(=) Adjusted Dividend	80.95	88.54	93.60
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	3.04%	4.04%	5.04%
Fair Value	$2,201.97	$3,304.02	$5,498.72
Upside / Downside	34.35%	101.59%	235.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,932.47	5,131.54	5,338.64	5,554.10	5,778.26	6,011.46	6,191.80
Payout Ratio	9.42%	25.53%	41.65%	57.77%	73.88%	90.00%	92.50%
Projected Dividends (M)	464.48	1,310.26	2,223.55	3,208.42	4,269.17	5,410.31	5,727.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	3.04%	4.04%	5.04%
Year 1 PV (M)	1,214.77	1,226.56	1,238.35
Year 2 PV (M)	1,911.27	1,948.55	1,986.18
Year 3 PV (M)	2,556.84	2,632.01	2,708.64
Year 4 PV (M)	3,154.22	3,278.47	3,406.35
Year 5 PV (M)	3,706.03	3,889.39	4,079.95
PV of Terminal Value (M)	102,600.20	107,676.64	112,952.06
Equity Value (M)	115,143.32	120,651.62	126,371.53
Shares Outstanding (M)	48.74	48.74	48.74
Fair Value	$2,362.17	$2,475.17	$2,592.51
Upside / Downside	44.12%	51.02%	58.18%

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Keihanshin Building Co., Ltd. (8818.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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