DDM Analysis: 9072.T

Valuation Snapshot

Stable Growth	$1,002.68 - $1,470.14	$1,227.71
Multi-Stage	$1,047.59 - $1,143.94	$1,094.89
Blended Fair Value	$1,161.30
Current Price	$3,412.00
Upside	-65.96%
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	7.24%	7.25%	49.57	46.93	39.03	32.43	33.85	34.94	32.68	30.87	27.46	28.92
YoY Growth	-	-	5.63%	20.23%	20.35%	-4.18%	-3.13%	6.92%	5.85%	12.44%	-5.04%	17.40%
Dividend Yield	-	-	1.54%	2.64%	2.72%	3.02%	2.80%	3.26%	2.55%	2.12%	2.12%	3.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,214.00
(-) Cash Dividends Paid (M)	3,364.00
(=) Cash Retained (M)	13,850.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,442.80	2,151.75	1,291.05
Cash Retained (M)	13,850.00	13,850.00	13,850.00
(-) Cash Required (M)	-3,442.80	-2,151.75	-1,291.05
(=) Excess Retained (M)	10,407.20	11,698.25	12,558.95
(/) Shares Outstanding (M)	137.88	137.88	137.88
(=) Excess Retained per Share	75.48	84.84	91.09
LTM Dividend per Share	24.40	24.40	24.40
(+) Excess Retained per Share	75.48	84.84	91.09
(=) Adjusted Dividend	99.88	109.24	115.48
WACC / Discount Rate	12.64%	12.64%	12.64%
Growth Rate	2.44%	3.44%	4.44%
Fair Value	$1,002.68	$1,227.71	$1,470.14
Upside / Downside	-70.61%	-64.02%	-56.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,214.00	17,805.81	18,417.97	19,051.18	19,706.15	20,383.64	20,995.15
Payout Ratio	19.54%	33.63%	47.73%	61.82%	75.91%	90.00%	92.50%
Projected Dividends (M)	3,364.00	5,988.77	8,790.04	11,776.85	14,958.63	18,345.28	19,420.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.64%	12.64%	12.64%
Growth Rate	2.44%	3.44%	4.44%
Year 1 PV (M)	5,265.25	5,316.65	5,368.05
Year 2 PV (M)	6,794.44	6,927.74	7,062.33
Year 3 PV (M)	8,003.37	8,240.05	8,481.35
Year 4 PV (M)	8,937.52	9,291.65	9,656.21
Year 5 PV (M)	9,636.75	10,116.39	10,614.95
PV of Terminal Value (M)	105,805.30	111,071.48	116,545.29
Equity Value (M)	144,442.62	150,963.96	157,728.18
Shares Outstanding (M)	137.88	137.88	137.88
Fair Value	$1,047.59	$1,094.89	$1,143.94
Upside / Downside	-69.30%	-67.91%	-66.47%

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NIKKON Holdings Co.,Ltd. (9072.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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