DDM Analysis: 3291.T

Valuation Snapshot

Stable Growth	$1,792.48 - $2,779.36	$2,249.37
Multi-Stage	$2,613.54 - $2,871.04	$2,739.82
Blended Fair Value	$2,494.59
Current Price	$2,361.50
Upside	5.64%
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	7.14%	9.61%	90.82	91.12	92.98	91.34	64.37	64.34	63.30	63.33	47.72	39.42
YoY Growth	-	-	-0.32%	-2.01%	1.80%	41.90%	0.04%	1.65%	-0.05%	32.69%	21.05%	8.66%
Dividend Yield	-	-	4.47%	4.35%	3.83%	4.37%	2.25%	3.90%	3.51%	2.96%	2.55%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51,962.00
(-) Cash Dividends Paid (M)	6,307.50
(=) Cash Retained (M)	45,654.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,392.40	6,495.25	3,897.15
Cash Retained (M)	45,654.50	45,654.50	45,654.50
(-) Cash Required (M)	-10,392.40	-6,495.25	-3,897.15
(=) Excess Retained (M)	35,262.10	39,159.25	41,757.35
(/) Shares Outstanding (M)	277.82	277.82	277.82
(=) Excess Retained per Share	126.92	140.95	150.30
LTM Dividend per Share	22.70	22.70	22.70
(+) Excess Retained per Share	126.92	140.95	150.30
(=) Adjusted Dividend	149.63	163.65	173.01
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	0.08%	1.08%	2.08%
Fair Value	$1,792.48	$2,249.37	$2,779.36
Upside / Downside	-24.10%	-4.75%	17.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51,962.00	52,522.91	53,089.87	53,662.94	54,242.21	54,827.73	56,472.56
Payout Ratio	12.14%	27.71%	43.28%	58.86%	74.43%	90.00%	92.50%
Projected Dividends (M)	6,307.50	14,554.59	22,979.00	31,583.58	40,371.25	49,344.96	52,237.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	0.08%	1.08%	2.08%
Year 1 PV (M)	13,289.80	13,422.59	13,555.38
Year 2 PV (M)	19,158.78	19,543.56	19,932.17
Year 3 PV (M)	24,044.53	24,772.52	25,515.06
Year 4 PV (M)	28,063.74	29,202.32	30,375.20
Year 5 PV (M)	31,320.92	32,917.31	34,578.13
PV of Terminal Value (M)	610,220.66	641,322.84	673,680.48
Equity Value (M)	726,098.43	761,181.14	797,636.43
Shares Outstanding (M)	277.82	277.82	277.82
Fair Value	$2,613.54	$2,739.82	$2,871.04
Upside / Downside	10.67%	16.02%	21.58%

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Iida Group Holdings Co., Ltd. (3291.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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