DDM Analysis: 7743.T

Valuation Snapshot

Stable Growth	$2,381.92 - $9,038.40	$6,938.60
Multi-Stage	$1,121.78 - $1,227.29	$1,173.57
Blended Fair Value	$4,056.09
Current Price	$534.00
Upside	659.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.60%	7.83%	14.99	9.92	9.93	9.92	9.92	9.92	7.58	7.60	6.23	6.34
YoY Growth	-	-	51.08%	-0.03%	0.07%	-0.04%	-0.01%	30.84%	-0.17%	21.94%	-1.64%	-10.16%
Dividend Yield	-	-	3.23%	1.78%	1.70%	1.93%	1.23%	1.35%	0.66%	0.33%	0.74%	1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,375.51
(-) Cash Dividends Paid (M)	453.74
(=) Cash Retained (M)	921.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	275.10	171.94	103.16
Cash Retained (M)	921.77	921.77	921.77
(-) Cash Required (M)	-275.10	-171.94	-103.16
(=) Excess Retained (M)	646.67	749.83	818.61
(/) Shares Outstanding (M)	30.27	30.27	30.27
(=) Excess Retained per Share	21.37	24.77	27.05
LTM Dividend per Share	14.99	14.99	14.99
(+) Excess Retained per Share	21.37	24.77	27.05
(=) Adjusted Dividend	36.36	39.77	42.04
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,381.92	$6,938.60	$9,038.40
Upside / Downside	346.05%	1,199.36%	1,592.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,375.51	1,464.92	1,560.14	1,661.54	1,769.54	1,884.57	1,941.10
Payout Ratio	32.99%	44.39%	55.79%	67.19%	78.60%	90.00%	92.50%
Projected Dividends (M)	453.74	650.27	870.43	1,116.47	1,390.82	1,696.11	1,795.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	601.40	607.10	612.80
Year 2 PV (M)	744.52	758.70	773.02
Year 3 PV (M)	883.21	908.56	934.39
Year 4 PV (M)	1,017.55	1,056.68	1,096.93
Year 5 PV (M)	1,147.65	1,203.08	1,260.64
PV of Terminal Value (M)	29,557.33	30,984.96	32,467.23
Equity Value (M)	33,951.66	35,519.09	37,145.01
Shares Outstanding (M)	30.27	30.27	30.27
Fair Value	$1,121.78	$1,173.57	$1,227.29
Upside / Downside	110.07%	119.77%	129.83%

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SEED Co.,Ltd. (7743.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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