DDM Analysis: 4299.T

Valuation Snapshot

Stable Growth	$2,349.99 - $5,932.21	$3,538.05
Multi-Stage	$1,668.94 - $1,821.21	$1,743.70
Blended Fair Value	$2,640.88
Current Price	$1,250.00
Upside	111.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.84%	15.37%	43.89	43.72	43.63	30.01	21.04	21.04	19.92	17.85	16.38	14.06
YoY Growth	-	-	0.39%	0.20%	45.40%	42.62%	0.00%	5.63%	11.59%	8.95%	16.56%	33.79%
Dividend Yield	-	-	3.61%	3.04%	3.02%	2.17%	1.87%	2.27%	2.59%	2.32%	2.37%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,211.00
(-) Cash Dividends Paid (M)	522.00
(=) Cash Retained (M)	689.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	242.20	151.38	90.83
Cash Retained (M)	689.00	689.00	689.00
(-) Cash Required (M)	-242.20	-151.38	-90.83
(=) Excess Retained (M)	446.80	537.63	598.18
(/) Shares Outstanding (M)	11.60	11.60	11.60
(=) Excess Retained per Share	38.53	46.36	51.58
LTM Dividend per Share	45.01	45.01	45.01
(+) Excess Retained per Share	38.53	46.36	51.58
(=) Adjusted Dividend	83.54	91.37	96.59
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,349.99	$3,538.05	$5,932.21
Upside / Downside	88.00%	183.04%	374.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,211.00	1,289.72	1,373.55	1,462.83	1,557.91	1,659.17	1,708.95
Payout Ratio	43.10%	52.48%	61.86%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	522.00	676.89	849.72	1,042.15	1,256.00	1,493.26	1,580.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	613.76	619.58	625.40
Year 2 PV (M)	698.61	711.91	725.35
Year 3 PV (M)	776.91	799.21	821.93
Year 4 PV (M)	849.00	881.66	915.24
Year 5 PV (M)	915.24	959.44	1,005.34
PV of Terminal Value (M)	15,501.15	16,249.86	17,027.23
Equity Value (M)	19,354.67	20,221.66	21,120.48
Shares Outstanding (M)	11.60	11.60	11.60
Fair Value	$1,668.94	$1,743.70	$1,821.21
Upside / Downside	33.52%	39.50%	45.70%

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HIMACS, Ltd. (4299.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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