DDM Analysis: 9028.T

Valuation Snapshot

Stable Growth	$14,208.06 - $82,972.57	$26,298.78
Multi-Stage	$8,409.63 - $9,192.95	$8,794.16
Blended Fair Value	$17,546.47
Current Price	$3,110.00
Upside	464.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	20.28%	0.00%	88.47	50.19	37.03	53.03	34.84	35.14	0.00	0.00	0.00	0.00
YoY Growth	-	-	76.27%	35.52%	-30.17%	52.21%	-0.84%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.84%	2.11%	2.41%	5.04%	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)	7,041.00
(-) Cash Dividends Paid (M)	2,345.00
(=) Cash Retained (M)	4,696.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,408.20	880.13	528.08
Cash Retained (M)	4,696.00	4,696.00	4,696.00
(-) Cash Required (M)	-1,408.20	-880.13	-528.08
(=) Excess Retained (M)	3,287.80	3,815.88	4,167.93
(/) Shares Outstanding (M)	16.88	16.88	16.88
(=) Excess Retained per Share	194.82	226.11	246.97
LTM Dividend per Share	138.95	138.95	138.95
(+) Excess Retained per Share	194.82	226.11	246.97
(=) Adjusted Dividend	333.77	365.06	385.92
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14,208.06	$26,298.78	$82,972.57
Upside / Downside	356.85%	745.62%	2,567.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,041.00	7,498.67	7,986.08	8,505.17	9,058.01	9,646.78	9,936.18
Payout Ratio	33.30%	44.64%	55.98%	67.32%	78.66%	90.00%	92.50%
Projected Dividends (M)	2,345.00	3,347.70	4,470.84	5,725.85	7,125.12	8,682.10	9,190.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,071.23	3,100.34	3,129.45
Year 2 PV (M)	3,762.89	3,834.56	3,906.91
Year 3 PV (M)	4,421.18	4,548.10	4,677.42
Year 4 PV (M)	5,047.27	5,241.38	5,441.03
Year 5 PV (M)	5,642.29	5,914.82	6,197.77
PV of Terminal Value (M)	119,979.50	125,774.56	131,791.40
Equity Value (M)	141,924.38	148,413.76	155,143.99
Shares Outstanding (M)	16.88	16.88	16.88
Fair Value	$8,409.63	$8,794.16	$9,192.95
Upside / Downside	170.41%	182.77%	195.59%

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ZERO Co., Ltd. (9028.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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