DDM Analysis: 7951.T

Valuation Snapshot

Stable Growth	$292.88 - $427.10	$357.75
Multi-Stage	$430.24 - $470.10	$449.80
Blended Fair Value	$403.78
Current Price	$984.10
Upside	-58.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.59%	6.68%	26.29	25.58	24.40	24.78	25.00	24.29	22.73	21.81	21.05	16.90
YoY Growth	-	-	2.79%	4.80%	-1.53%	-0.88%	2.92%	6.89%	4.19%	3.63%	24.58%	22.73%
Dividend Yield	-	-	2.52%	2.05%	1.33%	1.33%	1.24%	1.44%	1.30%	1.14%	1.63%	1.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,845.00
(-) Cash Dividends Paid (M)	11,948.00
(=) Cash Retained (M)	5,897.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,569.00	2,230.63	1,338.38
Cash Retained (M)	5,897.00	5,897.00	5,897.00
(-) Cash Required (M)	-3,569.00	-2,230.63	-1,338.38
(=) Excess Retained (M)	2,328.00	3,666.38	4,558.63
(/) Shares Outstanding (M)	464.06	464.06	464.06
(=) Excess Retained per Share	5.02	7.90	9.82
LTM Dividend per Share	25.75	25.75	25.75
(+) Excess Retained per Share	5.02	7.90	9.82
(=) Adjusted Dividend	30.76	33.65	35.57
WACC / Discount Rate	10.05%	10.05%	10.05%
Growth Rate	-0.41%	0.59%	1.59%
Fair Value	$292.88	$357.75	$427.10
Upside / Downside	-70.24%	-63.65%	-56.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,845.00	17,950.51	18,056.65	18,163.41	18,270.80	18,378.83	18,930.19
Payout Ratio	66.95%	71.56%	76.17%	80.78%	85.39%	90.00%	92.50%
Projected Dividends (M)	11,948.00	12,846.01	13,754.22	14,672.72	15,601.60	16,540.95	17,510.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.05%	10.05%	10.05%
Growth Rate	-0.41%	0.59%	1.59%
Year 1 PV (M)	11,556.62	11,672.66	11,788.70
Year 2 PV (M)	11,131.70	11,356.37	11,583.28
Year 3 PV (M)	10,683.14	11,008.19	11,339.77
Year 4 PV (M)	10,219.28	10,635.95	11,065.23
Year 5 PV (M)	9,747.07	10,246.36	10,765.89
PV of Terminal Value (M)	146,316.90	153,811.78	161,610.69
Equity Value (M)	199,654.71	208,731.31	218,153.57
Shares Outstanding (M)	464.06	464.06	464.06
Fair Value	$430.24	$449.80	$470.10
Upside / Downside	-56.28%	-54.29%	-52.23%

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Yamaha Corporation (7951.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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