DDM Analysis: 9783.T

Valuation Snapshot

Stable Growth	$656.02 - $1,037.92	$830.44
Multi-Stage	$3,043.40 - $3,360.23	$3,198.63
Blended Fair Value	$2,014.53
Current Price	$2,585.00
Upside	-22.07%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.70%	-4.51%	59.99	54.95	49.96	49.96	49.96	72.42	94.85	94.70	94.72	94.72
YoY Growth	-	-	9.17%	9.98%	0.00%	0.00%	-31.00%	-23.65%	0.15%	-0.01%	0.00%	-0.52%
Dividend Yield	-	-	2.32%	2.99%	2.27%	1.81%	1.73%	2.82%	2.41%	2.23%	3.94%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,442.00
(-) Cash Dividends Paid (M)	5,787.00
(=) Cash Retained (M)	655.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,288.40	805.25	483.15
Cash Retained (M)	655.00	655.00	655.00
(-) Cash Required (M)	-1,288.40	-805.25	-483.15
(=) Excess Retained (M)	-633.40	-150.25	171.85
(/) Shares Outstanding (M)	96.47	96.47	96.47
(=) Excess Retained per Share	-6.57	-1.56	1.78
LTM Dividend per Share	59.99	59.99	59.99
(+) Excess Retained per Share	-6.57	-1.56	1.78
(=) Adjusted Dividend	53.42	58.43	61.77
WACC / Discount Rate	4.53%	4.53%	4.53%
Growth Rate	-3.34%	-2.34%	-1.34%
Fair Value	$656.02	$830.44	$1,037.92
Upside / Downside	-74.62%	-67.87%	-59.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,442.00	6,291.39	6,144.30	6,000.65	5,860.36	5,723.34	5,895.04
Payout Ratio	89.83%	89.87%	89.90%	89.93%	89.97%	90.00%	92.50%
Projected Dividends (M)	5,787.00	5,653.81	5,523.69	5,396.56	5,272.36	5,151.01	5,452.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.53%	4.53%	4.53%
Growth Rate	-3.34%	-2.34%	-1.34%
Year 1 PV (M)	5,353.22	5,408.60	5,463.98
Year 2 PV (M)	4,951.95	5,054.94	5,158.99
Year 3 PV (M)	4,580.77	4,724.41	4,871.03
Year 4 PV (M)	4,237.40	4,415.49	4,599.13
Year 5 PV (M)	3,919.77	4,126.77	4,342.42
PV of Terminal Value (M)	270,548.71	284,835.84	299,720.28
Equity Value (M)	293,591.82	308,566.05	324,155.83
Shares Outstanding (M)	96.47	96.47	96.47
Fair Value	$3,043.40	$3,198.63	$3,360.23
Upside / Downside	17.73%	23.74%	29.99%

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Benesse Holdings, Inc. (9783.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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