DDM Analysis: 3498.T

Valuation Snapshot

Stable Growth	$51,222.97 - $101,860.86	$95,458.55
Multi-Stage	$15,530.63 - $17,013.31	$16,258.29
Blended Fair Value	$55,858.42
Current Price	$8,810.00
Upside	534.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	97.90%	0.00%	83.49	24.47	12.03	6.64	3.16	2.75	0.00	0.00	0.00	0.00
YoY Growth	-	-	241.13%	103.39%	81.20%	110.15%	14.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.95%	0.39%	0.26%	0.26%	0.12%	0.31%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,251.00
(-) Cash Dividends Paid (M)	1,670.00
(=) Cash Retained (M)	8,581.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,050.20	1,281.38	768.83
Cash Retained (M)	8,581.00	8,581.00	8,581.00
(-) Cash Required (M)	-2,050.20	-1,281.38	-768.83
(=) Excess Retained (M)	6,530.80	7,299.63	7,812.18
(/) Shares Outstanding (M)	20.01	20.01	20.01
(=) Excess Retained per Share	326.31	364.72	390.33
LTM Dividend per Share	83.44	83.44	83.44
(+) Excess Retained per Share	326.31	364.72	390.33
(=) Adjusted Dividend	409.75	448.16	473.77
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$51,222.97	$95,458.55	$101,860.86
Upside / Downside	481.42%	983.52%	1,056.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,251.00	10,917.32	11,626.94	12,382.69	13,187.57	14,044.76	14,466.10
Payout Ratio	16.29%	31.03%	45.77%	60.52%	75.26%	90.00%	92.50%
Projected Dividends (M)	1,670.00	3,387.96	5,322.19	7,493.56	9,924.73	12,640.28	13,381.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,155.93	3,185.85	3,215.76
Year 2 PV (M)	4,618.18	4,706.14	4,794.94
Year 3 PV (M)	6,057.02	6,230.89	6,408.06
Year 4 PV (M)	7,472.73	7,760.11	8,055.70
Year 5 PV (M)	8,865.59	9,293.80	9,738.40
PV of Terminal Value (M)	280,664.34	294,220.53	308,295.55
Equity Value (M)	310,833.79	325,397.33	340,508.42
Shares Outstanding (M)	20.01	20.01	20.01
Fair Value	$15,530.63	$16,258.29	$17,013.31
Upside / Downside	76.28%	84.54%	93.11%

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Kasumigaseki Capital Co.,Ltd. (3498.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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