DDM Analysis: 7741.T

Valuation Snapshot

Stable Growth	$10,065.97 - $19,726.10	$13,882.59
Multi-Stage	$9,455.25 - $10,343.46	$9,891.18
Blended Fair Value	$11,886.89
Current Price	$20,475.00
Upside	-41.94%
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	2.45%	1.81%	111.58	112.63	115.58	96.43	97.94	98.87	99.16	84.35	85.53	91.48
YoY Growth	-	-	-0.93%	-2.55%	19.86%	-1.54%	-0.95%	-0.29%	17.56%	-1.38%	-6.51%	-1.89%
Dividend Yield	-	-	0.65%	0.61%	0.68%	0.83%	0.66%	0.96%	1.20%	1.34%	1.47%	2.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	209,280.00
(-) Cash Dividends Paid (M)	55,040.00
(=) Cash Retained (M)	154,240.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41,856.00	26,160.00	15,696.00
Cash Retained (M)	154,240.00	154,240.00	154,240.00
(-) Cash Required (M)	-41,856.00	-26,160.00	-15,696.00
(=) Excess Retained (M)	112,384.00	128,080.00	138,544.00
(/) Shares Outstanding (M)	344.31	344.31	344.31
(=) Excess Retained per Share	326.41	372.00	402.39
LTM Dividend per Share	159.86	159.86	159.86
(+) Excess Retained per Share	326.41	372.00	402.39
(=) Adjusted Dividend	486.27	531.85	562.24
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	3.86%	4.86%	5.86%
Fair Value	$10,065.97	$13,882.59	$19,726.10
Upside / Downside	-50.84%	-32.20%	-3.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	209,280.00	219,453.74	230,122.05	241,308.99	253,039.75	265,340.79	273,301.01
Payout Ratio	26.30%	39.04%	51.78%	64.52%	77.26%	90.00%	92.50%
Projected Dividends (M)	55,040.00	85,674.20	119,156.78	155,692.26	195,498.36	238,806.71	252,803.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	3.86%	4.86%	5.86%
Year 1 PV (M)	77,937.41	78,687.81	79,438.21
Year 2 PV (M)	98,607.63	100,515.61	102,441.86
Year 3 PV (M)	117,207.31	120,625.51	124,109.52
Year 4 PV (M)	133,883.38	139,114.57	144,497.57
Year 5 PV (M)	148,773.63	156,075.01	163,660.29
PV of Terminal Value (M)	2,679,086.01	2,810,567.84	2,947,161.93
Equity Value (M)	3,255,495.38	3,405,586.34	3,561,309.38
Shares Outstanding (M)	344.31	344.31	344.31
Fair Value	$9,455.25	$9,891.18	$10,343.46
Upside / Downside	-53.82%	-51.69%	-49.48%

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HOYA Corporation (7741.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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