DDM Analysis: 4825.T

Valuation Snapshot

Stable Growth	$2,092.77 - $3,598.13	$2,742.30
Multi-Stage	$1,971.61 - $2,159.08	$2,063.61
Blended Fair Value	$2,402.96
Current Price	$3,985.00
Upside	-39.70%
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	5.64%	7.36%	73.99	68.13	56.69	56.53	56.38	56.23	56.17	56.06	64.54	58.87
YoY Growth	-	-	8.60%	20.17%	0.28%	0.28%	0.26%	0.12%	0.19%	-13.13%	9.62%	61.91%
Dividend Yield	-	-	1.86%	2.37%	1.78%	1.40%	1.95%	2.34%	3.63%	3.44%	3.76%	3.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,114.97
(-) Cash Dividends Paid (M)	2.54
(=) Cash Retained (M)	3,112.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	622.99	389.37	233.62
Cash Retained (M)	3,112.43	3,112.43	3,112.43
(-) Cash Required (M)	-622.99	-389.37	-233.62
(=) Excess Retained (M)	2,489.43	2,723.06	2,878.80
(/) Shares Outstanding (M)	19.41	19.41	19.41
(=) Excess Retained per Share	128.27	140.31	148.34
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	128.27	140.31	148.34
(=) Adjusted Dividend	128.40	140.44	148.47
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$2,092.77	$2,742.30	$3,598.13
Upside / Downside	-47.48%	-31.18%	-9.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,114.97	3,259.53	3,410.81	3,569.10	3,734.75	3,908.08	4,025.32
Payout Ratio	0.08%	18.07%	36.05%	54.03%	72.02%	90.00%	92.50%
Projected Dividends (M)	2.54	588.84	1,229.56	1,928.48	2,689.63	3,517.27	3,723.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	530.19	535.31	540.43
Year 2 PV (M)	996.83	1,016.16	1,035.68
Year 3 PV (M)	1,407.75	1,448.90	1,490.83
Year 4 PV (M)	1,767.83	1,837.05	1,908.29
Year 5 PV (M)	2,081.57	2,183.95	2,290.32
PV of Terminal Value (M)	31,479.60	33,027.88	34,636.48
Equity Value (M)	38,263.78	40,049.25	41,902.02
Shares Outstanding (M)	19.41	19.41	19.41
Fair Value	$1,971.61	$2,063.61	$2,159.08
Upside / Downside	-50.52%	-48.22%	-45.82%

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Weathernews Inc. (4825.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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