DDM Analysis: 6448.T

Valuation Snapshot

Stable Growth	$10,503.71 - $42,363.00	$27,903.22
Multi-Stage	$6,467.84 - $7,083.46	$6,769.95
Blended Fair Value	$17,336.58
Current Price	$2,478.50
Upside	599.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.42%	13.71%	100.27	68.17	68.52	64.17	58.03	61.07	61.06	48.84	36.62	33.57
YoY Growth	-	-	47.08%	-0.51%	6.79%	10.57%	-4.98%	0.03%	25.02%	33.35%	9.09%	21.02%
Dividend Yield	-	-	4.03%	2.35%	3.26%	2.69%	2.62%	3.14%	2.92%	2.23%	1.41%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54,902.00
(-) Cash Dividends Paid (M)	25,625.00
(=) Cash Retained (M)	29,277.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,980.40	6,862.75	4,117.65
Cash Retained (M)	29,277.00	29,277.00	29,277.00
(-) Cash Required (M)	-10,980.40	-6,862.75	-4,117.65
(=) Excess Retained (M)	18,296.60	22,414.25	25,159.35
(/) Shares Outstanding (M)	255.54	255.54	255.54
(=) Excess Retained per Share	71.60	87.71	98.45
LTM Dividend per Share	100.28	100.28	100.28
(+) Excess Retained per Share	71.60	87.71	98.45
(=) Adjusted Dividend	171.87	187.99	198.73
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	4.58%	5.58%	6.58%
Fair Value	$10,503.71	$27,903.22	$42,363.00
Upside / Downside	323.79%	1,025.81%	1,609.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54,902.00	57,967.85	61,204.91	64,622.73	68,231.41	72,041.60	74,202.85
Payout Ratio	46.67%	55.34%	64.00%	72.67%	81.33%	90.00%	92.50%
Projected Dividends (M)	25,625.00	32,078.98	39,173.86	46,961.10	55,495.89	64,837.44	68,637.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	4.58%	5.58%	6.58%
Year 1 PV (M)	29,893.21	30,179.04	30,464.87
Year 2 PV (M)	34,017.34	34,670.98	35,330.84
Year 3 PV (M)	38,000.93	39,101.45	40,223.01
Year 4 PV (M)	41,847.44	43,471.06	45,141.49
Year 5 PV (M)	45,560.23	47,780.45	50,086.39
PV of Terminal Value (M)	1,463,500.49	1,534,818.91	1,608,890.98
Equity Value (M)	1,652,819.65	1,730,021.89	1,810,137.56
Shares Outstanding (M)	255.54	255.54	255.54
Fair Value	$6,467.84	$6,769.95	$7,083.46
Upside / Downside	160.96%	173.15%	185.80%

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Brother Industries, Ltd. (6448.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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