DDM Analysis: 2811.T

Valuation Snapshot

Stable Growth	$5,141.24 - $28,346.43	$9,914.76
Multi-Stage	$3,443.20 - $3,768.12	$3,602.67
Blended Fair Value	$6,758.71
Current Price	$2,870.50
Upside	135.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.11%	4.94%	37.78	35.04	35.05	34.42	33.28	37.99	28.53	23.31	23.39	17.60
YoY Growth	-	-	7.81%	-0.03%	1.83%	3.44%	-12.41%	33.17%	22.39%	-0.32%	32.87%	-24.53%
Dividend Yield	-	-	1.29%	0.96%	1.13%	1.10%	0.95%	1.35%	0.91%	0.62%	0.81%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,420.00
(-) Cash Dividends Paid (M)	5,277.00
(=) Cash Retained (M)	8,143.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,684.00	1,677.50	1,006.50
Cash Retained (M)	8,143.00	8,143.00	8,143.00
(-) Cash Required (M)	-2,684.00	-1,677.50	-1,006.50
(=) Excess Retained (M)	5,459.00	6,465.50	7,136.50
(/) Shares Outstanding (M)	93.52	93.52	93.52
(=) Excess Retained per Share	58.38	69.14	76.31
LTM Dividend per Share	56.43	56.43	56.43
(+) Excess Retained per Share	58.38	69.14	76.31
(=) Adjusted Dividend	114.80	125.57	132.74
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.77%	5.77%	6.77%
Fair Value	$5,141.24	$9,914.76	$28,346.43
Upside / Downside	79.11%	245.40%	887.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,420.00	14,194.60	15,013.91	15,880.52	16,797.14	17,766.67	18,299.67
Payout Ratio	39.32%	49.46%	59.59%	69.73%	79.86%	90.00%	92.50%
Projected Dividends (M)	5,277.00	7,020.30	8,947.26	11,073.29	13,414.93	15,990.00	16,927.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	4.77%	5.77%	6.77%
Year 1 PV (M)	6,492.23	6,554.19	6,616.16
Year 2 PV (M)	7,651.85	7,798.61	7,946.77
Year 3 PV (M)	8,757.72	9,010.89	9,268.88
Year 4 PV (M)	9,811.63	10,191.61	10,582.53
Year 5 PV (M)	10,815.32	11,341.40	11,887.76
PV of Terminal Value (M)	278,463.33	292,008.46	306,075.62
Equity Value (M)	321,992.07	336,905.16	352,377.72
Shares Outstanding (M)	93.52	93.52	93.52
Fair Value	$3,443.20	$3,602.67	$3,768.12
Upside / Downside	19.95%	25.51%	31.27%

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Kagome Co., Ltd. (2811.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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