DDM Analysis: 7532.T

Valuation Snapshot

Stable Growth	$1,062.86 - $6,004.93	$2,013.12
Multi-Stage	$613.00 - $670.50	$641.23
Blended Fair Value	$1,327.17
Current Price	$991.80
Upside	33.81%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	25.00%	21.80%	6.77	4.18	3.58	3.35	3.17	2.22	1.95	1.37	1.16	1.05
YoY Growth	-	-	62.00%	16.72%	6.98%	5.52%	42.97%	13.61%	42.33%	18.22%	10.13%	11.82%
Dividend Yield	-	-	0.68%	0.57%	0.57%	0.65%	0.68%	0.45%	0.54%	0.48%	0.55%	0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90,512.00
(-) Cash Dividends Paid (M)	20,297.00
(=) Cash Retained (M)	70,215.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,102.40	11,314.00	6,788.40
Cash Retained (M)	70,215.00	70,215.00	70,215.00
(-) Cash Required (M)	-18,102.40	-11,314.00	-6,788.40
(=) Excess Retained (M)	52,112.60	58,901.00	63,426.60
(/) Shares Outstanding (M)	2,997.63	2,997.63	2,997.63
(=) Excess Retained per Share	17.38	19.65	21.16
LTM Dividend per Share	6.77	6.77	6.77
(+) Excess Retained per Share	17.38	19.65	21.16
(=) Adjusted Dividend	24.16	26.42	27.93
WACC / Discount Rate	7.90%	7.90%	7.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,062.86	$2,013.12	$6,004.93
Upside / Downside	7.16%	102.98%	505.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90,512.00	96,395.28	102,660.97	109,333.94	116,440.64	124,009.28	127,729.56
Payout Ratio	22.42%	35.94%	49.45%	62.97%	76.48%	90.00%	92.50%
Projected Dividends (M)	20,297.00	34,644.19	50,770.77	68,847.43	89,059.54	111,608.36	118,149.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.90%	7.90%	7.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31,806.88	32,108.37	32,409.86
Year 2 PV (M)	42,795.20	43,610.33	44,433.14
Year 3 PV (M)	53,279.44	54,808.90	56,367.36
Year 4 PV (M)	63,276.59	65,710.03	68,212.99
Year 5 PV (M)	72,803.11	76,319.53	79,970.53
PV of Terminal Value (M)	1,573,597.83	1,649,603.20	1,728,517.46
Equity Value (M)	1,837,559.05	1,922,160.35	2,009,911.33
Shares Outstanding (M)	2,997.63	2,997.63	2,997.63
Fair Value	$613.00	$641.23	$670.50
Upside / Downside	-38.19%	-35.35%	-32.40%

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Pan Pacific International Holdings Corporation (7532.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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