DDM Analysis: 6454.T

Valuation Snapshot

Stable Growth	$20,823.16 - $49,169.29	$46,078.82
Multi-Stage	$7,280.08 - $7,966.06	$7,616.77
Blended Fair Value	$26,847.80
Current Price	$4,655.00
Upside	476.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.88%	10.13%	101.04	79.38	65.11	49.31	48.40	46.33	44.53	44.57	41.38	39.25
YoY Growth	-	-	27.29%	21.92%	32.05%	1.87%	4.46%	4.06%	-0.10%	7.70%	5.43%	1.96%
Dividend Yield	-	-	2.17%	2.09%	2.47%	3.06%	2.66%	3.05%	2.78%	3.18%	2.55%	3.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,483.00
(-) Cash Dividends Paid (M)	5,198.00
(=) Cash Retained (M)	6,285.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,296.60	1,435.38	861.23
Cash Retained (M)	6,285.00	6,285.00	6,285.00
(-) Cash Required (M)	-2,296.60	-1,435.38	-861.23
(=) Excess Retained (M)	3,988.40	4,849.63	5,423.78
(/) Shares Outstanding (M)	46.45	46.45	46.45
(=) Excess Retained per Share	85.87	104.42	116.78
LTM Dividend per Share	111.92	111.92	111.92
(+) Excess Retained per Share	85.87	104.42	116.78
(=) Adjusted Dividend	197.79	216.33	228.69
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20,823.16	$46,078.82	$49,169.29
Upside / Downside	347.33%	889.88%	956.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,483.00	12,229.40	13,024.31	13,870.89	14,772.49	15,732.71	16,204.69
Payout Ratio	45.27%	54.21%	63.16%	72.11%	81.05%	90.00%	92.50%
Projected Dividends (M)	5,198.00	6,629.99	8,226.17	10,001.85	11,973.61	14,159.43	14,989.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,166.76	6,225.22	6,283.67
Year 2 PV (M)	7,116.84	7,252.39	7,389.23
Year 3 PV (M)	8,048.49	8,279.53	8,514.95
Year 4 PV (M)	8,961.97	9,306.63	9,661.13
Year 5 PV (M)	9,857.56	10,333.68	10,828.03
PV of Terminal Value (M)	297,973.58	312,365.81	327,308.87
Equity Value (M)	338,125.20	353,763.27	369,985.88
Shares Outstanding (M)	46.45	46.45	46.45
Fair Value	$7,280.08	$7,616.77	$7,966.06
Upside / Downside	56.39%	63.63%	71.13%

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Max Co., Ltd. (6454.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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