DDM Analysis: 9304.T

Valuation Snapshot

Stable Growth	$2,354.74 - $6,638.28	$3,667.33
Multi-Stage	$1,828.15 - $1,999.01	$1,912.02
Blended Fair Value	$2,789.67
Current Price	$1,158.00
Upside	140.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.55%	12.37%	29.73	23.81	21.16	14.82	13.50	12.70	12.03	13.90	10.59	10.59
YoY Growth	-	-	24.87%	12.51%	42.77%	9.81%	6.31%	5.50%	-13.41%	31.25%	0.00%	14.29%
Dividend Yield	-	-	2.95%	2.86%	3.03%	2.79%	2.55%	2.45%	2.82%	3.22%	2.33%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,548.00
(-) Cash Dividends Paid (M)	2,034.00
(=) Cash Retained (M)	3,514.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,109.60	693.50	416.10
Cash Retained (M)	3,514.00	3,514.00	3,514.00
(-) Cash Required (M)	-1,109.60	-693.50	-416.10
(=) Excess Retained (M)	2,404.40	2,820.50	3,097.90
(/) Shares Outstanding (M)	57.42	57.42	57.42
(=) Excess Retained per Share	41.87	49.12	53.95
LTM Dividend per Share	35.42	35.42	35.42
(+) Excess Retained per Share	41.87	49.12	53.95
(=) Adjusted Dividend	77.30	84.54	89.37
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$2,354.74	$3,667.33	$6,638.28
Upside / Downside	103.35%	216.69%	473.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,548.00	5,863.34	6,196.60	6,548.81	6,921.03	7,314.41	7,533.85
Payout Ratio	36.66%	47.33%	58.00%	68.66%	79.33%	90.00%	92.50%
Projected Dividends (M)	2,034.00	2,775.09	3,593.85	4,496.72	5,490.62	6,582.97	6,968.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	2,542.38	2,566.67	2,590.96
Year 2 PV (M)	3,016.40	3,074.30	3,132.76
Year 3 PV (M)	3,457.71	3,557.75	3,659.70
Year 4 PV (M)	3,867.93	4,017.86	4,172.10
Year 5 PV (M)	4,248.58	4,455.42	4,670.23
PV of Terminal Value (M)	87,840.63	92,117.08	96,558.48
Equity Value (M)	104,973.64	109,789.08	114,784.23
Shares Outstanding (M)	57.42	57.42	57.42
Fair Value	$1,828.15	$1,912.02	$1,999.01
Upside / Downside	57.87%	65.11%	72.63%

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The Shibusawa Warehouse Co., Ltd. (9304.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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