DDM Analysis: 7187.T

Valuation Snapshot

Stable Growth	$18,719.34 - $25,301.91	$23,711.59
Multi-Stage	$4,197.09 - $4,599.86	$4,394.75
Blended Fair Value	$14,053.17
Current Price	$1,341.00
Upside	947.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	44.83	34.83	24.85	9.86	0.00	0.00	2.20	1.21	0.00	0.00
YoY Growth	-	-	28.73%	40.13%	151.98%	0.00%	0.00%	-100.00%	82.28%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.34%	2.55%	2.23%	0.99%	0.00%	0.00%	1.37%	0.33%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,283.07
(-) Cash Dividends Paid (M)	200.87
(=) Cash Retained (M)	2,082.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	456.61	285.38	171.23
Cash Retained (M)	2,082.19	2,082.19	2,082.19
(-) Cash Required (M)	-456.61	-285.38	-171.23
(=) Excess Retained (M)	1,625.58	1,796.81	1,910.96
(/) Shares Outstanding (M)	17.95	17.95	17.95
(=) Excess Retained per Share	90.59	100.13	106.49
LTM Dividend per Share	11.19	11.19	11.19
(+) Excess Retained per Share	90.59	100.13	106.49
(=) Adjusted Dividend	101.78	111.32	117.68
WACC / Discount Rate	6.07%	6.07%	6.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18,719.34	$23,711.59	$25,301.91
Upside / Downside	1,295.92%	1,668.20%	1,786.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,283.07	2,431.47	2,589.51	2,757.83	2,937.09	3,128.00	3,221.84
Payout Ratio	8.80%	25.04%	41.28%	57.52%	73.76%	90.00%	92.50%
Projected Dividends (M)	200.87	608.81	1,068.92	1,586.29	2,166.39	2,815.20	2,980.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.07%	6.07%	6.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	568.56	573.95	579.34
Year 2 PV (M)	932.26	950.02	967.94
Year 3 PV (M)	1,292.02	1,329.10	1,366.90
Year 4 PV (M)	1,647.85	1,711.22	1,776.40
Year 5 PV (M)	1,999.80	2,096.39	2,196.68
PV of Terminal Value (M)	68,876.75	72,203.52	75,657.62
Equity Value (M)	75,317.23	78,864.21	82,544.88
Shares Outstanding (M)	17.95	17.95	17.95
Fair Value	$4,197.09	$4,394.75	$4,599.86
Upside / Downside	212.98%	227.72%	243.02%

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CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
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J-Lease Co.,Ltd. (7187.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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