DDM Analysis: 9104.T

Valuation Snapshot

Stable Growth	$30,825.50 - $167,389.27	$60,125.07
Multi-Stage	$17,190.52 - $18,818.49	$17,989.57
Blended Fair Value	$39,057.32
Current Price	$4,494.00
Upside	769.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	74.10%	30.79%	299.87	381.46	616.66	148.38	17.03	18.75	10.27	3.46	12.15	25.47
YoY Growth	-	-	-21.39%	-38.14%	315.60%	771.10%	-9.15%	82.55%	196.46%	-71.49%	-52.30%	24.38%
Dividend Yield	-	-	6.22%	7.69%	17.84%	4.78%	0.96%	2.95%	1.14%	0.39%	1.10%	3.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	294,946.00
(-) Cash Dividends Paid (M)	19,912.00
(=) Cash Retained (M)	275,034.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58,989.20	36,868.25	22,120.95
Cash Retained (M)	275,034.00	275,034.00	275,034.00
(-) Cash Required (M)	-58,989.20	-36,868.25	-22,120.95
(=) Excess Retained (M)	216,044.80	238,165.75	252,913.05
(/) Shares Outstanding (M)	350.43	350.43	350.43
(=) Excess Retained per Share	616.52	679.65	721.73
LTM Dividend per Share	56.82	56.82	56.82
(+) Excess Retained per Share	616.52	679.65	721.73
(=) Adjusted Dividend	673.34	736.47	778.55
WACC / Discount Rate	7.80%	7.80%	7.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30,825.50	$60,125.07	$167,389.27
Upside / Downside	585.93%	1,237.90%	3,624.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	294,946.00	314,117.49	334,535.13	356,279.91	379,438.10	404,101.58	416,224.63
Payout Ratio	6.75%	23.40%	40.05%	56.70%	73.35%	90.00%	92.50%
Projected Dividends (M)	19,912.00	73,506.17	133,983.46	202,012.23	278,318.66	363,691.42	385,007.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.80%	7.80%	7.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	67,544.46	68,184.69	68,824.92
Year 2 PV (M)	113,131.35	115,286.19	117,461.35
Year 3 PV (M)	156,738.38	161,237.77	165,822.46
Year 4 PV (M)	198,429.35	206,060.38	213,909.43
Year 5 PV (M)	238,266.26	249,774.61	261,723.41
PV of Terminal Value (M)	5,249,879.24	5,503,450.37	5,766,726.26
Equity Value (M)	6,023,989.03	6,303,994.00	6,594,467.83
Shares Outstanding (M)	350.43	350.43	350.43
Fair Value	$17,190.52	$17,989.57	$18,818.49
Upside / Downside	282.52%	300.30%	318.75%

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Mitsui O.S.K. Lines, Ltd. (9104.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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