DDM Analysis: 3774.T

Valuation Snapshot

Stable Growth	$9,199.57 - $25,176.54	$23,594.11
Multi-Stage	$3,515.26 - $3,848.29	$3,678.71
Blended Fair Value	$13,636.41
Current Price	$2,618.50
Upside	420.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	38.19%	19.76%	34.52	31.98	27.58	21.59	8.63	6.85	6.85	6.85	6.34	5.69
YoY Growth	-	-	7.95%	15.94%	27.76%	150.20%	25.98%	0.02%	0.01%	8.07%	11.38%	0.01%
Dividend Yield	-	-	1.21%	1.35%	1.02%	0.91%	0.50%	0.75%	1.36%	1.23%	1.24%	1.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,492.00
(-) Cash Dividends Paid (M)	6,192.00
(=) Cash Retained (M)	16,300.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,498.40	2,811.50	1,686.90
Cash Retained (M)	16,300.00	16,300.00	16,300.00
(-) Cash Required (M)	-4,498.40	-2,811.50	-1,686.90
(=) Excess Retained (M)	11,801.60	13,488.50	14,613.10
(/) Shares Outstanding (M)	177.67	177.67	177.67
(=) Excess Retained per Share	66.42	75.92	82.25
LTM Dividend per Share	34.85	34.85	34.85
(+) Excess Retained per Share	66.42	75.92	82.25
(=) Adjusted Dividend	101.28	110.77	117.10
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9,199.57	$23,594.11	$25,176.54
Upside / Downside	251.33%	801.05%	861.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,492.00	23,953.98	25,510.99	27,169.20	28,935.20	30,815.99	31,740.47
Payout Ratio	27.53%	40.02%	52.52%	65.01%	77.51%	90.00%	92.50%
Projected Dividends (M)	6,192.00	9,587.30	13,397.83	17,663.22	22,426.50	27,734.39	29,359.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,904.14	8,988.54	9,072.94
Year 2 PV (M)	11,556.47	11,776.59	11,998.79
Year 3 PV (M)	14,150.00	14,556.19	14,970.09
Year 4 PV (M)	16,685.66	17,327.35	17,987.36
Year 5 PV (M)	19,164.43	20,090.08	21,051.16
PV of Terminal Value (M)	554,092.75	580,855.63	608,642.80
Equity Value (M)	624,553.45	653,594.38	683,723.13
Shares Outstanding (M)	177.67	177.67	177.67
Fair Value	$3,515.26	$3,678.71	$3,848.29
Upside / Downside	34.25%	40.49%	46.97%

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Internet Initiative Japan Inc. (3774.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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