DDM Analysis: 6632.T

Valuation Snapshot

Stable Growth	$2,858.27 - $7,944.24	$4,433.15
Multi-Stage	$3,187.11 - $3,499.07	$3,340.14
Blended Fair Value	$3,886.64
Current Price	$1,155.00
Upside	236.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	21.13%	0.00%	16.96	12.98	6.48	5.42	5.42	6.50	5.51	4.59	4.59	4.59
YoY Growth	-	-	30.70%	100.10%	19.66%	0.00%	-16.68%	18.01%	20.03%	0.00%	0.14%	0.00%
Dividend Yield	-	-	1.47%	1.44%	1.31%	3.06%	2.29%	3.99%	2.15%	1.46%	1.37%	2.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,220.00
(-) Cash Dividends Paid (M)	2,234.00
(=) Cash Retained (M)	15,986.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,644.00	2,277.50	1,366.50
Cash Retained (M)	15,986.00	15,986.00	15,986.00
(-) Cash Required (M)	-3,644.00	-2,277.50	-1,366.50
(=) Excess Retained (M)	12,342.00	13,708.50	14,619.50
(/) Shares Outstanding (M)	151.13	151.13	151.13
(=) Excess Retained per Share	81.67	90.71	96.74
LTM Dividend per Share	14.78	14.78	14.78
(+) Excess Retained per Share	81.67	90.71	96.74
(=) Adjusted Dividend	96.45	105.49	111.52
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	2.92%	3.92%	4.92%
Fair Value	$2,858.27	$4,433.15	$7,944.24
Upside / Downside	147.47%	283.82%	587.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,220.00	18,933.57	19,675.08	20,445.63	21,246.36	22,078.45	22,740.80
Payout Ratio	12.26%	27.81%	43.36%	58.90%	74.45%	90.00%	92.50%
Projected Dividends (M)	2,234.00	5,265.24	8,530.47	12,043.40	15,818.39	19,870.60	21,035.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	2.92%	3.92%	4.92%
Year 1 PV (M)	4,901.41	4,949.03	4,996.66
Year 2 PV (M)	7,392.30	7,536.65	7,682.40
Year 3 PV (M)	9,715.34	10,001.31	10,292.82
Year 4 PV (M)	11,878.86	12,347.32	12,829.50
Year 5 PV (M)	13,890.77	14,578.87	15,293.98
PV of Terminal Value (M)	433,879.71	455,372.58	477,708.88
Equity Value (M)	481,658.39	504,785.76	528,804.24
Shares Outstanding (M)	151.13	151.13	151.13
Fair Value	$3,187.11	$3,340.14	$3,499.07
Upside / Downside	175.94%	189.19%	202.95%

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JVCKENWOOD Corporation (6632.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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