DDM Analysis: 5889.T

Valuation Snapshot

Stable Growth	$1,430.92 - $2,162.92	$1,775.90
Multi-Stage	$2,905.16 - $3,196.18	$3,047.82
Blended Fair Value	$2,411.86
Current Price	$2,106.00
Upside	14.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022
DPS	0.00%	0.00%	40.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,060.00
(-) Cash Dividends Paid (M)	1,587.00
(=) Cash Retained (M)	2,473.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	812.00	507.50	304.50
Cash Retained (M)	2,473.00	2,473.00	2,473.00
(-) Cash Required (M)	-812.00	-507.50	-304.50
(=) Excess Retained (M)	1,661.00	1,965.50	2,168.50
(/) Shares Outstanding (M)	24.41	24.41	24.41
(=) Excess Retained per Share	68.05	80.53	88.84
LTM Dividend per Share	65.02	65.02	65.02
(+) Excess Retained per Share	68.05	80.53	88.84
(=) Adjusted Dividend	133.07	145.55	153.86
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,430.92	$1,775.90	$2,162.92
Upside / Downside	-32.05%	-15.67%	2.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,060.00	4,019.40	3,979.21	3,939.41	3,900.02	3,861.02	3,976.85
Payout Ratio	39.09%	49.27%	59.45%	69.64%	79.82%	90.00%	92.50%
Projected Dividends (M)	1,587.00	1,980.40	2,365.77	2,743.23	3,112.91	3,474.92	3,678.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,830.20	1,848.87	1,867.55
Year 2 PV (M)	2,020.52	2,061.96	2,103.83
Year 3 PV (M)	2,165.20	2,232.16	2,300.49
Year 4 PV (M)	2,270.64	2,364.75	2,461.75
Year 5 PV (M)	2,342.46	2,464.44	2,591.44
PV of Terminal Value (M)	60,279.36	63,418.24	66,686.55
Equity Value (M)	70,908.38	74,390.43	78,011.61
Shares Outstanding (M)	24.41	24.41	24.41
Fair Value	$2,905.16	$3,047.82	$3,196.18
Upside / Downside	37.95%	44.72%	51.77%

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Japan Eyewear Holdings Co., Ltd. (5889.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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