DDM Analysis: 6526.T

Valuation Snapshot

Stable Growth	$512.79 - $786.78	$640.58
Multi-Stage	$1,163.90 - $1,278.34	$1,220.00
Blended Fair Value	$930.29
Current Price	$2,776.00
Upside	-66.49%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021
DPS	0.00%	0.00%	50.33	62.74	0.00	0.73	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-19.78%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.81%	1.63%	0.00%	0.09%	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)	10,072.00
(-) Cash Dividends Paid (M)	8,928.00
(=) Cash Retained (M)	1,144.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,014.40	1,259.00	755.40
Cash Retained (M)	1,144.00	1,144.00	1,144.00
(-) Cash Required (M)	-2,014.40	-1,259.00	-755.40
(=) Excess Retained (M)	-870.40	-115.00	388.60
(/) Shares Outstanding (M)	177.88	177.88	177.88
(=) Excess Retained per Share	-4.89	-0.65	2.18
LTM Dividend per Share	50.19	50.19	50.19
(+) Excess Retained per Share	-4.89	-0.65	2.18
(=) Adjusted Dividend	45.30	49.54	52.38
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$512.79	$640.58	$786.78
Upside / Downside	-81.53%	-76.92%	-71.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,072.00	9,971.28	9,871.57	9,772.85	9,675.12	9,578.37	9,865.72
Payout Ratio	88.64%	88.91%	89.19%	89.46%	89.73%	90.00%	92.50%
Projected Dividends (M)	8,928.00	8,865.81	8,803.96	8,742.47	8,681.33	8,620.53	9,125.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8,228.49	8,312.45	8,396.42
Year 2 PV (M)	7,583.71	7,739.27	7,896.41
Year 3 PV (M)	6,989.40	7,205.55	7,426.11
Year 4 PV (M)	6,441.60	6,708.57	6,983.76
Year 5 PV (M)	5,936.68	6,245.81	6,567.70
PV of Terminal Value (M)	171,855.73	180,804.66	190,122.56
Equity Value (M)	207,035.61	217,016.32	227,392.95
Shares Outstanding (M)	177.88	177.88	177.88
Fair Value	$1,163.90	$1,220.00	$1,278.34
Upside / Downside	-58.07%	-56.05%	-53.95%

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Socionext Inc. (6526.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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