DDM Analysis: 3407.T

Valuation Snapshot

Stable Growth	$4,725.12 - $20,369.58	$11,509.94
Multi-Stage	$3,025.64 - $3,314.64	$3,167.46
Blended Fair Value	$7,338.70
Current Price	$1,164.50
Upside	530.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.50%	6.53%	36.62	36.62	35.60	34.59	33.57	35.71	37.88	28.66	20.48	20.48
YoY Growth	-	-	0.00%	2.86%	2.94%	3.03%	-6.00%	-5.71%	32.14%	39.99%	-0.01%	5.24%
Dividend Yield	-	-	3.57%	3.57%	3.66%	3.34%	2.75%	4.08%	3.17%	2.04%	1.70%	2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141,013.00
(-) Cash Dividends Paid (M)	52,174.00
(=) Cash Retained (M)	88,839.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28,202.60	17,626.63	10,575.98
Cash Retained (M)	88,839.00	88,839.00	88,839.00
(-) Cash Required (M)	-28,202.60	-17,626.63	-10,575.98
(=) Excess Retained (M)	60,636.40	71,212.38	78,263.03
(/) Shares Outstanding (M)	1,364.30	1,364.30	1,364.30
(=) Excess Retained per Share	44.44	52.20	57.36
LTM Dividend per Share	38.24	38.24	38.24
(+) Excess Retained per Share	44.44	52.20	57.36
(=) Adjusted Dividend	82.69	90.44	95.61
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	4.53%	5.53%	6.53%
Fair Value	$4,725.12	$11,509.94	$20,369.58
Upside / Downside	305.76%	888.40%	1,649.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141,013.00	148,807.74	157,033.34	165,713.63	174,873.73	184,540.18	190,076.39
Payout Ratio	37.00%	47.60%	58.20%	68.80%	79.40%	90.00%	92.50%
Projected Dividends (M)	52,174.00	70,831.80	91,392.86	114,010.60	138,849.54	166,086.16	175,820.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	4.53%	5.53%	6.53%
Year 1 PV (M)	65,967.15	66,598.25	67,229.34
Year 2 PV (M)	79,270.42	80,794.41	82,332.91
Year 3 PV (M)	92,096.59	94,765.18	97,484.82
Year 4 PV (M)	104,458.12	108,513.19	112,685.19
Year 5 PV (M)	116,367.22	122,041.08	127,934.14
PV of Terminal Value (M)	3,669,735.67	3,848,665.62	4,034,507.94
Equity Value (M)	4,127,895.17	4,321,377.73	4,522,174.35
Shares Outstanding (M)	1,364.30	1,364.30	1,364.30
Fair Value	$3,025.64	$3,167.46	$3,314.64
Upside / Downside	159.82%	172.00%	184.64%

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Asahi Kasei Corporation (3407.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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