DDM Analysis: 6586.T

Valuation Snapshot

Stable Growth	$11,274.33 - $58,663.31	$22,758.60
Multi-Stage	$8,596.56 - $9,420.46	$9,000.84
Blended Fair Value	$15,879.72
Current Price	$4,806.00
Upside	230.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.38%	3.85%	67.36	21.22	73.06	70.02	53.78	62.90	61.89	51.74	51.23	59.85
YoY Growth	-	-	217.51%	-70.96%	4.34%	30.20%	-14.50%	1.64%	19.61%	0.99%	-14.40%	29.66%
Dividend Yield	-	-	1.51%	0.49%	1.81%	2.07%	1.03%	1.61%	1.63%	1.04%	1.23%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79,936.00
(-) Cash Dividends Paid (M)	29,595.00
(=) Cash Retained (M)	50,341.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,987.20	9,992.00	5,995.20
Cash Retained (M)	50,341.00	50,341.00	50,341.00
(-) Cash Required (M)	-15,987.20	-9,992.00	-5,995.20
(=) Excess Retained (M)	34,353.80	40,349.00	44,345.80
(/) Shares Outstanding (M)	267.58	267.58	267.58
(=) Excess Retained per Share	128.39	150.79	165.73
LTM Dividend per Share	110.60	110.60	110.60
(+) Excess Retained per Share	128.39	150.79	165.73
(=) Adjusted Dividend	238.99	261.39	276.33
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	4.15%	5.15%	6.15%
Fair Value	$11,274.33	$22,758.60	$58,663.31
Upside / Downside	134.59%	373.55%	1,120.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79,936.00	84,051.08	88,378.01	92,927.69	97,711.58	102,741.75	105,824.00
Payout Ratio	37.02%	47.62%	58.21%	68.81%	79.40%	90.00%	92.50%
Projected Dividends (M)	29,595.00	40,024.03	51,448.39	63,942.94	77,587.56	92,467.57	97,887.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	4.15%	5.15%	6.15%
Year 1 PV (M)	37,274.36	37,632.26	37,990.16
Year 2 PV (M)	44,622.16	45,483.18	46,352.42
Year 3 PV (M)	51,648.86	53,150.95	54,681.88
Year 4 PV (M)	58,364.62	60,638.72	62,978.63
Year 5 PV (M)	64,779.33	67,949.59	71,242.78
PV of Terminal Value (M)	2,043,608.64	2,143,621.71	2,247,512.66
Equity Value (M)	2,300,297.98	2,408,476.40	2,520,758.53
Shares Outstanding (M)	267.58	267.58	267.58
Fair Value	$8,596.56	$9,000.84	$9,420.46
Upside / Downside	78.87%	87.28%	96.01%

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Makita Corporation (6586.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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