DDM Analysis: 6459.T

Valuation Snapshot

Stable Growth	$1,988.40 - $4,277.28	$2,837.28
Multi-Stage	$2,686.14 - $2,946.65	$2,813.93
Blended Fair Value	$2,825.61
Current Price	$1,660.00
Upside	70.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.27%	11.12%	29.96	29.88	30.96	31.01	20.83	41.41	15.57	10.43	10.37	10.38
YoY Growth	-	-	0.26%	-3.46%	-0.18%	48.91%	-49.71%	165.95%	49.34%	0.54%	-0.11%	-0.58%
Dividend Yield	-	-	1.76%	1.86%	2.24%	2.85%	1.89%	4.39%	1.31%	0.82%	0.90%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,316.96
(-) Cash Dividends Paid (M)	2,463.01
(=) Cash Retained (M)	2,853.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,063.39	664.62	398.77
Cash Retained (M)	2,853.95	2,853.95	2,853.95
(-) Cash Required (M)	-1,063.39	-664.62	-398.77
(=) Excess Retained (M)	1,790.55	2,189.33	2,455.17
(/) Shares Outstanding (M)	49.36	49.36	49.36
(=) Excess Retained per Share	36.27	44.35	49.74
LTM Dividend per Share	49.90	49.90	49.90
(+) Excess Retained per Share	36.27	44.35	49.74
(=) Adjusted Dividend	86.17	94.25	99.63
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.11%	3.11%	4.11%
Fair Value	$1,988.40	$2,837.28	$4,277.28
Upside / Downside	19.78%	70.92%	157.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,316.96	5,482.55	5,653.30	5,829.37	6,010.92	6,198.12	6,384.07
Payout Ratio	46.32%	55.06%	63.79%	72.53%	81.26%	90.00%	92.50%
Projected Dividends (M)	2,463.01	3,018.63	3,606.48	4,228.01	4,884.76	5,578.31	5,905.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.11%	3.11%	4.11%
Year 1 PV (M)	2,805.87	2,833.35	2,860.82
Year 2 PV (M)	3,115.99	3,177.32	3,239.25
Year 3 PV (M)	3,395.52	3,496.25	3,598.96
Year 4 PV (M)	3,646.44	3,791.39	3,940.62
Year 5 PV (M)	3,870.67	4,063.94	4,264.86
PV of Terminal Value (M)	115,763.22	121,543.64	127,552.69
Equity Value (M)	132,597.71	138,905.90	145,457.21
Shares Outstanding (M)	49.36	49.36	49.36
Fair Value	$2,686.14	$2,813.93	$2,946.65
Upside / Downside	61.82%	69.51%	77.51%

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Daiwa Industries Ltd. (6459.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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