DDM Analysis: 1887.T

Valuation Snapshot

Stable Growth	$172.22 - $275.46	$219.02
Multi-Stage	$362.32 - $398.83	$380.22
Blended Fair Value	$299.62
Current Price	$468.00
Upside	-35.98%
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	-13.31%	19.79%	22.58	27.24	28.35	28.74	30.79	46.13	13.12	7.49	8.11	6.24
YoY Growth	-	-	-17.10%	-3.91%	-1.34%	-6.67%	-33.24%	251.66%	75.21%	-7.68%	29.94%	68.12%
Dividend Yield	-	-	4.83%	5.63%	4.63%	4.75%	5.35%	7.94%	2.56%	1.20%	1.30%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,333.00
(-) Cash Dividends Paid (M)	421.00
(=) Cash Retained (M)	912.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	266.60	166.63	99.98
Cash Retained (M)	912.00	912.00	912.00
(-) Cash Required (M)	-266.60	-166.63	-99.98
(=) Excess Retained (M)	645.40	745.38	812.03
(/) Shares Outstanding (M)	80.28	80.28	80.28
(=) Excess Retained per Share	8.04	9.28	10.12
LTM Dividend per Share	5.24	5.24	5.24
(+) Excess Retained per Share	8.04	9.28	10.12
(=) Adjusted Dividend	13.28	14.53	15.36
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.20%	-0.20%	0.80%
Fair Value	$172.22	$219.02	$275.46
Upside / Downside	-63.20%	-53.20%	-41.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,333.00	1,330.34	1,327.68	1,325.03	1,322.38	1,319.74	1,359.33
Payout Ratio	31.58%	43.27%	54.95%	66.63%	78.32%	90.00%	92.50%
Projected Dividends (M)	421.00	575.59	729.56	882.91	1,035.64	1,187.76	1,257.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.20%	-0.20%	0.80%
Year 1 PV (M)	535.44	540.86	546.28
Year 2 PV (M)	631.33	644.18	657.15
Year 3 PV (M)	710.75	732.55	754.79
Year 4 PV (M)	775.55	807.43	840.28
Year 5 PV (M)	827.43	870.16	914.63
PV of Terminal Value (M)	25,605.84	26,928.18	28,304.60
Equity Value (M)	29,086.34	30,523.35	32,017.73
Shares Outstanding (M)	80.28	80.28	80.28
Fair Value	$362.32	$380.22	$398.83
Upside / Downside	-22.58%	-18.76%	-14.78%

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JDC Corporation (1887.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener