DDM Analysis: 2301.T

Valuation Snapshot

Stable Growth	$2,614.20 - $5,543.95	$3,711.07
Multi-Stage	$1,937.22 - $2,114.30	$2,024.16
Blended Fair Value	$2,867.61
Current Price	$1,614.00
Upside	77.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.69%	11.40%	71.86	54.26	50.28	40.52	32.50	36.21	37.94	36.10	33.30	29.21
YoY Growth	-	-	32.42%	7.93%	24.09%	24.68%	-10.25%	-4.57%	5.09%	8.43%	13.98%	19.63%
Dividend Yield	-	-	4.45%	2.40%	2.81%	2.90%	3.35%	2.84%	1.67%	2.84%	1.95%	2.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,892.16
(-) Cash Dividends Paid (M)	548.13
(=) Cash Retained (M)	1,344.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	378.43	236.52	141.91
Cash Retained (M)	1,344.03	1,344.03	1,344.03
(-) Cash Required (M)	-378.43	-236.52	-141.91
(=) Excess Retained (M)	965.60	1,107.51	1,202.12
(/) Shares Outstanding (M)	13.58	13.58	13.58
(=) Excess Retained per Share	71.13	81.58	88.55
LTM Dividend per Share	40.38	40.38	40.38
(+) Excess Retained per Share	71.13	81.58	88.55
(=) Adjusted Dividend	111.51	121.96	128.93
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,614.20	$3,711.07	$5,543.95
Upside / Downside	61.97%	129.93%	243.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,892.16	2,015.15	2,146.14	2,285.64	2,434.21	2,592.43	2,670.20
Payout Ratio	28.97%	41.17%	53.38%	65.59%	77.79%	90.00%	92.50%
Projected Dividends (M)	548.13	829.74	1,145.63	1,499.09	1,893.66	2,333.19	2,469.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	747.22	754.31	761.39
Year 2 PV (M)	929.11	946.80	964.67
Year 3 PV (M)	1,094.86	1,126.29	1,158.32
Year 4 PV (M)	1,245.50	1,293.39	1,342.66
Year 5 PV (M)	1,381.97	1,448.72	1,518.03
PV of Terminal Value (M)	20,899.63	21,909.09	22,957.18
Equity Value (M)	26,298.29	27,478.61	28,702.25
Shares Outstanding (M)	13.58	13.58	13.58
Fair Value	$1,937.22	$2,024.16	$2,114.30
Upside / Downside	20.03%	25.41%	31.00%

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Financial Statements

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Gakujo Co., Ltd. (2301.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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