DDM Analysis: 6641.T

Valuation Snapshot

Stable Growth	$6,958.20 - $20,374.77	$19,085.93
Multi-Stage	$9,895.20 - $10,907.74	$10,391.57
Blended Fair Value	$14,738.75
Current Price	$1,259.00
Upside	1,070.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	9.09%	13.02%	33.99	31.99	32.99	33.99	30.00	22.00	14.00	12.00	10.99	9.99
YoY Growth	-	-	6.26%	-3.03%	-2.95%	13.32%	36.37%	57.15%	16.69%	9.11%	10.02%	0.00%
Dividend Yield	-	-	2.23%	2.28%	3.15%	2.84%	2.94%	1.85%	0.93%	1.38%	1.65%	1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,451.00
(-) Cash Dividends Paid (M)	907.00
(=) Cash Retained (M)	10,544.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,290.20	1,431.38	858.83
Cash Retained (M)	10,544.00	10,544.00	10,544.00
(-) Cash Required (M)	-2,290.20	-1,431.38	-858.83
(=) Excess Retained (M)	8,253.80	9,112.63	9,685.18
(/) Shares Outstanding (M)	106.87	106.87	106.87
(=) Excess Retained per Share	77.23	85.26	90.62
LTM Dividend per Share	8.49	8.49	8.49
(+) Excess Retained per Share	77.23	85.26	90.62
(=) Adjusted Dividend	85.72	93.75	99.11
WACC / Discount Rate	2.03%	2.03%	2.03%
Growth Rate	0.79%	1.79%	2.79%
Fair Value	$6,958.20	$19,085.93	$20,374.77
Upside / Downside	452.68%	1,415.96%	1,518.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,451.00	11,655.99	11,864.66	12,077.06	12,293.26	12,513.33	12,888.73
Payout Ratio	7.92%	24.34%	40.75%	57.17%	73.58%	90.00%	92.50%
Projected Dividends (M)	907.00	2,836.67	4,835.14	6,904.25	9,045.89	11,262.00	11,922.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.03%	2.03%	2.03%
Growth Rate	0.79%	1.79%	2.79%
Year 1 PV (M)	2,752.87	2,780.18	2,807.49
Year 2 PV (M)	4,553.68	4,644.49	4,736.19
Year 3 PV (M)	6,310.25	6,499.95	6,693.40
Year 4 PV (M)	8,023.41	8,346.60	8,679.45
Year 5 PV (M)	9,693.93	10,184.46	10,694.66
PV of Terminal Value (M)	1,026,209.96	1,078,138.45	1,132,148.13
Equity Value (M)	1,057,544.10	1,110,594.12	1,165,759.33
Shares Outstanding (M)	106.87	106.87	106.87
Fair Value	$9,895.20	$10,391.57	$10,907.74
Upside / Downside	685.96%	725.38%	766.38%

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Nissin Electric Co., Ltd. (6641.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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