DDM Analysis: 9436.T

Valuation Snapshot

Stable Growth	$2,339.14 - $4,745.56	$3,267.96
Multi-Stage	$2,916.38 - $3,196.30	$3,053.71
Blended Fair Value	$3,160.84
Current Price	$2,612.00
Upside	21.01%
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	9.14%	9.63%	61.20	51.07	48.81	47.74	44.56	39.52	36.03	31.97	29.06	26.75
YoY Growth	-	-	19.84%	4.62%	2.25%	7.13%	12.75%	9.68%	12.70%	10.03%	8.62%	9.58%
Dividend Yield	-	-	2.39%	2.56%	3.25%	3.53%	3.47%	3.83%	4.20%	2.88%	3.09%	3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,824.00
(-) Cash Dividends Paid (M)	5,870.00
(=) Cash Retained (M)	6,954.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,564.80	1,603.00	961.80
Cash Retained (M)	6,954.00	6,954.00	6,954.00
(-) Cash Required (M)	-2,564.80	-1,603.00	-961.80
(=) Excess Retained (M)	4,389.20	5,351.00	5,992.20
(/) Shares Outstanding (M)	94.06	94.06	94.06
(=) Excess Retained per Share	46.67	56.89	63.71
LTM Dividend per Share	62.41	62.41	62.41
(+) Excess Retained per Share	46.67	56.89	63.71
(=) Adjusted Dividend	109.07	119.30	126.12
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	2.38%	3.38%	4.38%
Fair Value	$2,339.14	$3,267.96	$4,745.56
Upside / Downside	-10.45%	25.11%	81.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,824.00	13,257.36	13,705.36	14,168.51	14,647.30	15,142.27	15,596.54
Payout Ratio	45.77%	54.62%	63.46%	72.31%	81.15%	90.00%	92.50%
Projected Dividends (M)	5,870.00	7,241.02	8,697.99	10,245.16	11,886.97	13,628.05	14,426.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	2.38%	3.38%	4.38%
Year 1 PV (M)	6,692.26	6,757.63	6,822.99
Year 2 PV (M)	7,429.60	7,575.44	7,722.71
Year 3 PV (M)	8,087.95	8,327.27	8,571.27
Year 4 PV (M)	8,672.89	9,016.74	9,370.72
Year 5 PV (M)	9,189.66	9,647.32	10,123.03
PV of Terminal Value (M)	234,232.00	245,897.08	258,022.36
Equity Value (M)	274,304.35	287,221.48	300,633.08
Shares Outstanding (M)	94.06	94.06	94.06
Fair Value	$2,916.38	$3,053.71	$3,196.30
Upside / Downside	11.65%	16.91%	22.37%

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Financial Statements

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Okinawa Cellular Telephone Company (9436.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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