DDM Analysis: 2332.T

Valuation Snapshot

Stable Growth	$2,617.41 - $5,558.14	$3,717.38
Multi-Stage	$1,908.97 - $2,085.08	$1,995.44
Blended Fair Value	$2,856.41
Current Price	$1,510.00
Upside	89.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	8.99%	0.00%	48.88	45.78	41.52	38.51	33.74	31.78	0.00	0.00	0.00	0.00
YoY Growth	-	-	6.78%	10.27%	7.80%	14.14%	6.17%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.35%	3.27%	2.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	746.82
(-) Cash Dividends Paid (M)	130.03
(=) Cash Retained (M)	616.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.36	93.35	56.01
Cash Retained (M)	616.79	616.79	616.79
(-) Cash Required (M)	-149.36	-93.35	-56.01
(=) Excess Retained (M)	467.42	523.44	560.78
(/) Shares Outstanding (M)	5.36	5.36	5.36
(=) Excess Retained per Share	87.20	97.65	104.62
LTM Dividend per Share	24.26	24.26	24.26
(+) Excess Retained per Share	87.20	97.65	104.62
(=) Adjusted Dividend	111.46	121.91	128.87
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,617.41	$3,717.38	$5,558.14
Upside / Downside	73.34%	146.18%	268.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	746.82	795.36	847.06	902.12	960.76	1,023.21	1,053.90
Payout Ratio	17.41%	31.93%	46.45%	60.96%	75.48%	90.00%	92.50%
Projected Dividends (M)	130.03	253.95	393.43	549.97	725.20	920.88	974.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	228.71	230.88	233.05
Year 2 PV (M)	319.12	325.19	331.33
Year 3 PV (M)	401.75	413.29	425.04
Year 4 PV (M)	477.11	495.46	514.33
Year 5 PV (M)	545.64	571.99	599.35
PV of Terminal Value (M)	8,260.49	8,659.48	9,073.73
Equity Value (M)	10,232.82	10,696.29	11,176.83
Shares Outstanding (M)	5.36	5.36	5.36
Fair Value	$1,908.97	$1,995.44	$2,085.08
Upside / Downside	26.42%	32.15%	38.08%

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Financial Statements

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Quest Co., Ltd. (2332.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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