DDM Analysis: 2754.T

Valuation Snapshot

Stable Growth	$672.62 - $1,016.51	$834.71
Multi-Stage	$1,337.07 - $1,472.66	$1,403.53
Blended Fair Value	$1,119.12
Current Price	$529.99
Upside	111.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	14.30	9.53	9.53	9.53	9.53	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	50.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.70%	2.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	397.08
(-) Cash Dividends Paid (M)	72.57
(=) Cash Retained (M)	324.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.42	49.64	29.78
Cash Retained (M)	324.51	324.51	324.51
(-) Cash Required (M)	-79.42	-49.64	-29.78
(=) Excess Retained (M)	245.09	274.87	294.73
(/) Shares Outstanding (M)	5.08	5.08	5.08
(=) Excess Retained per Share	48.29	54.16	58.07
LTM Dividend per Share	14.30	14.30	14.30
(+) Excess Retained per Share	48.29	54.16	58.07
(=) Adjusted Dividend	62.59	68.46	72.37
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$672.62	$834.71	$1,016.51
Upside / Downside	26.91%	57.50%	91.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	397.08	393.11	389.18	385.29	381.44	377.62	388.95
Payout Ratio	18.28%	32.62%	46.97%	61.31%	75.66%	90.00%	92.50%
Projected Dividends (M)	72.57	128.24	182.78	236.22	288.58	339.86	359.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	118.51	119.72	120.92
Year 2 PV (M)	156.09	159.29	162.53
Year 3 PV (M)	186.42	192.18	198.07
Year 4 PV (M)	210.45	219.17	228.16
Year 5 PV (M)	229.04	240.96	253.38
PV of Terminal Value (M)	5,885.24	6,191.70	6,510.79
Equity Value (M)	6,785.74	7,123.02	7,473.85
Shares Outstanding (M)	5.08	5.08	5.08
Fair Value	$1,337.07	$1,403.53	$1,472.66
Upside / Downside	152.28%	164.82%	177.86%

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Tokatsu Holdings Co.,Ltd. (2754.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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