DDM Analysis: 7287.T

Valuation Snapshot

Stable Growth	$3,567.84 - $9,332.36	$5,432.45
Multi-Stage	$4,040.93 - $4,432.58	$4,233.07
Blended Fair Value	$4,832.76
Current Price	$1,776.00
Upside	172.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.78%	4.90%	51.20	41.83	41.81	41.77	39.69	44.65	44.62	34.72	34.72	34.70
YoY Growth	-	-	22.41%	0.04%	0.08%	5.24%	-11.10%	0.08%	28.49%	0.00%	0.05%	9.33%
Dividend Yield	-	-	3.59%	2.82%	4.27%	4.84%	3.35%	3.56%	2.33%	1.66%	1.54%	2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,107.00
(-) Cash Dividends Paid (M)	2,907.00
(=) Cash Retained (M)	6,200.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,821.40	1,138.38	683.03
Cash Retained (M)	6,200.00	6,200.00	6,200.00
(-) Cash Required (M)	-1,821.40	-1,138.38	-683.03
(=) Excess Retained (M)	4,378.60	5,061.63	5,516.98
(/) Shares Outstanding (M)	57.72	57.72	57.72
(=) Excess Retained per Share	75.87	87.70	95.59
LTM Dividend per Share	50.37	50.37	50.37
(+) Excess Retained per Share	75.87	87.70	95.59
(=) Adjusted Dividend	126.23	138.07	145.96
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.90%	3.90%	4.90%
Fair Value	$3,567.84	$5,432.45	$9,332.36
Upside / Downside	100.89%	205.88%	425.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,107.00	9,461.90	9,830.64	10,213.74	10,611.77	11,025.32	11,356.08
Payout Ratio	31.92%	43.54%	55.15%	66.77%	78.38%	90.00%	92.50%
Projected Dividends (M)	2,907.00	4,119.37	5,421.82	6,819.53	8,317.94	9,922.78	10,504.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.90%	3.90%	4.90%
Year 1 PV (M)	3,829.37	3,866.59	3,903.81
Year 2 PV (M)	4,685.31	4,776.83	4,869.22
Year 3 PV (M)	5,478.29	5,639.57	5,803.98
Year 4 PV (M)	6,211.59	6,456.60	6,708.79
Year 5 PV (M)	6,888.38	7,229.68	7,584.36
PV of Terminal Value (M)	206,131.38	216,344.36	226,958.20
Equity Value (M)	233,224.33	244,313.62	255,828.36
Shares Outstanding (M)	57.72	57.72	57.72
Fair Value	$4,040.93	$4,233.07	$4,432.58
Upside / Downside	127.53%	138.35%	149.58%

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Nippon Seiki Co., Ltd. (7287.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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