DDM Analysis: 3109.T

Valuation Snapshot

Stable Growth	$930.09 - $1,593.09	$1,216.98
Multi-Stage	$1,984.42 - $2,184.42	$2,082.47
Blended Fair Value	$1,649.72
Current Price	$1,001.00
Upside	64.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.65%	14.42%	70.70	45.77	36.53	34.01	34.09	34.17	34.17	30.69	27.14	18.54
YoY Growth	-	-	54.48%	25.27%	7.42%	-0.23%	-0.23%	0.00%	11.31%	13.08%	46.38%	0.86%
Dividend Yield	-	-	7.25%	4.08%	3.62%	3.80%	3.61%	3.44%	3.50%	2.40%	1.86%	1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	951.00
(-) Cash Dividends Paid (M)	290.50
(=) Cash Retained (M)	660.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	190.20	118.88	71.33
Cash Retained (M)	660.50	660.50	660.50
(-) Cash Required (M)	-190.20	-118.88	-71.33
(=) Excess Retained (M)	470.30	541.63	589.18
(/) Shares Outstanding (M)	12.67	12.67	12.67
(=) Excess Retained per Share	37.11	42.74	46.49
LTM Dividend per Share	22.92	22.92	22.92
(+) Excess Retained per Share	37.11	42.74	46.49
(=) Adjusted Dividend	60.03	65.66	69.41
WACC / Discount Rate	5.93%	5.93%	5.93%
Growth Rate	-0.49%	0.51%	1.51%
Fair Value	$930.09	$1,216.98	$1,593.09
Upside / Downside	-7.08%	21.58%	59.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	951.00	955.86	960.75	965.66	970.59	975.56	1,004.82
Payout Ratio	30.55%	42.44%	54.33%	66.22%	78.11%	90.00%	92.50%
Projected Dividends (M)	290.50	405.64	521.96	639.45	758.12	878.00	929.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.93%	5.93%	5.93%
Growth Rate	-0.49%	0.51%	1.51%
Year 1 PV (M)	379.11	382.92	386.73
Year 2 PV (M)	455.91	465.12	474.42
Year 3 PV (M)	522.00	537.89	554.11
Year 4 PV (M)	578.40	602.00	626.32
Year 5 PV (M)	626.04	658.14	691.53
PV of Terminal Value (M)	22,587.49	23,745.45	24,950.43
Equity Value (M)	25,148.95	26,391.52	27,683.54
Shares Outstanding (M)	12.67	12.67	12.67
Fair Value	$1,984.42	$2,082.47	$2,184.42
Upside / Downside	98.24%	108.04%	118.22%

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Financial Statements

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Shikibo Ltd. (3109.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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