DDM Analysis: 9064.T

Valuation Snapshot

Stable Growth	$1,514.99 - $2,533.69	$1,962.92
Multi-Stage	$2,479.48 - $2,723.02	$2,598.92
Blended Fair Value	$2,280.92
Current Price	$1,930.00
Upside	18.18%
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	6.68%	4.61%	47.42	49.34	50.36	59.06	47.89	34.32	33.14	31.95	33.50	32.05
YoY Growth	-	-	-3.88%	-2.02%	-14.74%	23.32%	39.53%	3.59%	3.71%	-4.62%	4.50%	6.06%
Dividend Yield	-	-	2.46%	2.82%	1.93%	2.72%	1.52%	1.47%	1.47%	0.98%	1.47%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42,626.00
(-) Cash Dividends Paid (M)	15,409.00
(=) Cash Retained (M)	27,217.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,525.20	5,328.25	3,196.95
Cash Retained (M)	27,217.00	27,217.00	27,217.00
(-) Cash Required (M)	-8,525.20	-5,328.25	-3,196.95
(=) Excess Retained (M)	18,691.80	21,888.75	24,020.05
(/) Shares Outstanding (M)	333.02	333.02	333.02
(=) Excess Retained per Share	56.13	65.73	72.13
LTM Dividend per Share	46.27	46.27	46.27
(+) Excess Retained per Share	56.13	65.73	72.13
(=) Adjusted Dividend	102.40	112.00	118.40
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.35%	1.35%	2.35%
Fair Value	$1,514.99	$1,962.92	$2,533.69
Upside / Downside	-21.50%	1.71%	31.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42,626.00	43,203.39	43,788.61	44,381.75	44,982.92	45,592.24	46,960.01
Payout Ratio	36.15%	46.92%	57.69%	68.46%	79.23%	90.00%	92.50%
Projected Dividends (M)	15,409.00	20,270.79	25,261.46	30,383.62	35,639.91	41,033.02	43,438.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	0.35%	1.35%	2.35%
Year 1 PV (M)	18,733.68	18,920.35	19,107.03
Year 2 PV (M)	21,575.62	22,007.75	22,444.16
Year 3 PV (M)	23,982.62	24,706.73	25,445.26
Year 4 PV (M)	25,998.37	27,050.22	28,133.67
Year 5 PV (M)	27,662.75	29,068.75	30,531.34
PV of Terminal Value (M)	707,775.84	743,749.42	781,171.08
Equity Value (M)	825,728.88	865,503.22	906,832.54
Shares Outstanding (M)	333.02	333.02	333.02
Fair Value	$2,479.48	$2,598.92	$2,723.02
Upside / Downside	28.47%	34.66%	41.09%

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Yamato Holdings Co., Ltd. (9064.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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