DDM Analysis: 4299.T

Valuation Snapshot

Stable Growth	$1,958.53 - $4,153.46	$2,780.29
Multi-Stage	$1,478.52 - $1,612.21	$1,544.17
Blended Fair Value	$2,162.23
Current Price	$1,250.00
Upside	72.98%
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	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,958.53	$2,780.29	$4,153.46
Upside / Downside	56.68%	122.42%	232.28%

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	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	609.58	615.36	621.14
Year 2 PV (M)	689.12	702.24	715.49
Year 3 PV (M)	761.13	782.98	805.24
Year 4 PV (M)	826.10	857.87	890.54
Year 5 PV (M)	884.47	927.20	971.55
PV of Terminal Value (M)	13,375.93	14,021.99	14,692.78
Equity Value (M)	17,146.33	17,907.63	18,696.75
Shares Outstanding (M)	11.60	11.60	11.60
Fair Value	$1,478.52	$1,544.17	$1,612.21
Upside / Downside	18.28%	23.53%	28.98%

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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

High-Yield Dividend Screener