DDM Analysis: 2908.T

Valuation Snapshot

Stable Growth	$311.68 - $459.81	$382.69
Multi-Stage	$558.57 - $614.20	$585.84
Blended Fair Value	$484.27
Current Price	$1,594.00
Upside	-69.62%
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	2.87%	2.54%	46.12	46.05	46.72	45.35	43.28	40.05	38.96	37.94	35.83	35.79
YoY Growth	-	-	0.15%	-1.43%	3.02%	4.79%	8.07%	2.80%	2.69%	5.88%	0.10%	-0.29%
Dividend Yield	-	-	2.89%	2.49%	2.48%	2.27%	2.27%	2.00%	1.89%	1.34%	1.39%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,130.00
(-) Cash Dividends Paid (M)	328.00
(=) Cash Retained (M)	802.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	226.00	141.25	84.75
Cash Retained (M)	802.00	802.00	802.00
(-) Cash Required (M)	-226.00	-141.25	-84.75
(=) Excess Retained (M)	576.00	660.75	717.25
(/) Shares Outstanding (M)	28.47	28.47	28.47
(=) Excess Retained per Share	20.23	23.21	25.20
LTM Dividend per Share	11.52	11.52	11.52
(+) Excess Retained per Share	20.23	23.21	25.20
(=) Adjusted Dividend	31.76	34.73	36.72
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-1.97%	-0.97%	0.03%
Fair Value	$311.68	$382.69	$459.81
Upside / Downside	-80.45%	-75.99%	-71.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,130.00	1,119.06	1,108.22	1,097.49	1,086.86	1,076.33	1,108.62
Payout Ratio	29.03%	41.22%	53.42%	65.61%	77.81%	90.00%	92.50%
Projected Dividends (M)	328.00	461.29	591.97	720.07	845.63	968.70	1,025.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-1.97%	-0.97%	0.03%
Year 1 PV (M)	422.73	427.04	431.36
Year 2 PV (M)	497.14	507.33	517.63
Year 3 PV (M)	554.17	571.31	588.79
Year 4 PV (M)	596.41	621.12	646.59
Year 5 PV (M)	626.10	658.69	692.63
PV of Terminal Value (M)	13,204.80	13,892.18	14,607.89
Equity Value (M)	15,901.36	16,677.68	17,484.88
Shares Outstanding (M)	28.47	28.47	28.47
Fair Value	$558.57	$585.84	$614.20
Upside / Downside	-64.96%	-63.25%	-61.47%

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Fujicco Co., Ltd. (2908.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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