DDM Analysis: 5334.T

Valuation Snapshot

Stable Growth	$39,324.23 - $96,146.01	$90,102.89
Multi-Stage	$14,007.44 - $15,331.20	$14,657.16
Blended Fair Value	$52,380.03
Current Price	$5,714.00
Upside	816.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.68%	16.95%	173.08	166.58	140.56	85.16	61.59	73.52	68.52	54.50	45.61	42.74
YoY Growth	-	-	3.90%	18.52%	65.05%	38.27%	-16.22%	7.29%	25.72%	19.49%	6.73%	18.19%
Dividend Yield	-	-	3.61%	3.54%	4.88%	3.46%	3.74%	4.76%	3.30%	1.72%	1.91%	2.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95,982.00
(-) Cash Dividends Paid (M)	35,386.00
(=) Cash Retained (M)	60,596.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19,196.40	11,997.75	7,198.65
Cash Retained (M)	60,596.00	60,596.00	60,596.00
(-) Cash Required (M)	-19,196.40	-11,997.75	-7,198.65
(=) Excess Retained (M)	41,399.60	48,598.25	53,397.35
(/) Shares Outstanding (M)	198.54	198.54	198.54
(=) Excess Retained per Share	208.52	244.78	268.96
LTM Dividend per Share	178.23	178.23	178.23
(+) Excess Retained per Share	208.52	244.78	268.96
(=) Adjusted Dividend	386.76	423.02	447.19
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39,324.23	$90,102.89	$96,146.01
Upside / Downside	588.21%	1,476.88%	1,582.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95,982.00	102,220.83	108,865.18	115,941.42	123,477.61	131,503.66	135,448.77
Payout Ratio	36.87%	47.49%	58.12%	68.75%	79.37%	90.00%	92.50%
Projected Dividends (M)	35,386.00	48,548.62	63,272.88	79,706.17	98,008.46	118,353.29	125,290.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45,141.59	45,569.47	45,997.35
Year 2 PV (M)	54,703.79	55,745.74	56,797.53
Year 3 PV (M)	64,075.45	65,914.83	67,789.07
Year 4 PV (M)	73,259.38	76,076.72	78,974.56
Year 5 PV (M)	82,258.33	86,231.44	90,356.61
PV of Terminal Value (M)	2,461,538.46	2,580,431.69	2,703,875.24
Equity Value (M)	2,780,976.99	2,909,969.89	3,043,790.36
Shares Outstanding (M)	198.54	198.54	198.54
Fair Value	$14,007.44	$14,657.16	$15,331.20
Upside / Downside	145.14%	156.51%	168.31%

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Niterra Co., Ltd. (5334.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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