DDM Analysis: 9104.T

Valuation Snapshot

Stable Growth	$57,452.13 - $167,389.27	$156,868.26
Multi-Stage	$22,535.86 - $24,688.51	$23,592.33
Blended Fair Value	$90,230.30
Current Price	$4,494.00
Upside	1,907.79%
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	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57,452.13	$156,868.26	$167,389.27
Upside / Downside	1,178.42%	3,390.62%	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	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	68,220.33	68,866.97	69,513.61
Year 2 PV (M)	115,406.75	117,604.92	119,823.84
Year 3 PV (M)	161,490.77	166,126.59	170,850.29
Year 4 PV (M)	206,491.59	214,432.68	222,600.63
Year 5 PV (M)	250,428.14	262,523.91	275,082.62
PV of Terminal Value (M)	7,095,091.75	7,437,787.33	7,793,598.68
Equity Value (M)	7,897,129.33	8,267,342.41	8,651,469.67
Shares Outstanding (M)	350.43	350.43	350.43
Fair Value	$22,535.86	$23,592.33	$24,688.51
Upside / Downside	401.47%	424.97%	449.37%

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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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