DDM Analysis: 9310.T

Valuation Snapshot

Stable Growth	$1,094.74 - $1,766.42	$1,397.22
Multi-Stage	$929.40 - $1,010.82	$969.39
Blended Fair Value	$1,183.31
Current Price	$1,093.00
Upside	8.26%
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	18.33%	9.91%	23.66	12.24	11.25	10.22	10.20	10.20	10.20	10.19	10.69	10.23
YoY Growth	-	-	93.37%	8.77%	10.12%	0.16%	0.00%	0.00%	0.16%	-4.76%	4.51%	11.25%
Dividend Yield	-	-	2.17%	1.18%	1.81%	2.08%	1.90%	2.02%	2.12%	1.89%	2.35%	3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,041.00
(-) Cash Dividends Paid (M)	2,449.00
(=) Cash Retained (M)	3,592.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,208.20	755.13	453.08
Cash Retained (M)	3,592.00	3,592.00	3,592.00
(-) Cash Required (M)	-1,208.20	-755.13	-453.08
(=) Excess Retained (M)	2,383.80	2,836.88	3,138.93
(/) Shares Outstanding (M)	62.84	62.84	62.84
(=) Excess Retained per Share	37.94	45.15	49.95
LTM Dividend per Share	38.97	38.97	38.97
(+) Excess Retained per Share	37.94	45.15	49.95
(=) Adjusted Dividend	76.91	84.12	88.93
WACC / Discount Rate	12.91%	12.91%	12.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,094.74	$1,397.22	$1,766.42
Upside / Downside	0.16%	27.83%	61.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,041.00	6,433.67	6,851.85	7,297.22	7,771.54	8,276.69	8,524.99
Payout Ratio	40.54%	50.43%	60.32%	70.22%	80.11%	90.00%	92.50%
Projected Dividends (M)	2,449.00	3,244.61	4,133.30	5,123.81	6,225.62	7,449.02	7,885.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.91%	12.91%	12.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,846.59	2,873.57	2,900.55
Year 2 PV (M)	3,181.43	3,242.02	3,303.19
Year 3 PV (M)	3,460.04	3,559.36	3,660.57
Year 4 PV (M)	3,688.36	3,830.21	3,976.10
Year 5 PV (M)	3,871.80	4,058.81	4,252.97
PV of Terminal Value (M)	41,351.09	43,348.36	45,422.07
Equity Value (M)	58,399.30	60,912.33	63,515.47
Shares Outstanding (M)	62.84	62.84	62.84
Fair Value	$929.40	$969.39	$1,010.82
Upside / Downside	-14.97%	-11.31%	-7.52%

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Financial Statements

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Japan Transcity Corporation (9310.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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