DDM Analysis: 4245.T

Valuation Snapshot

Stable Growth	$375.74 - $906.32	$557.49
Multi-Stage	$450.68 - $493.63	$471.75
Blended Fair Value	$514.62
Current Price	$683.00
Upside	-24.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.02%	8.02%	27.84	27.84	24.67	23.72	22.47	23.99	20.59	16.38	14.04	15.91
YoY Growth	-	-	0.00%	12.84%	3.99%	5.59%	-6.35%	16.49%	25.71%	16.67%	-11.76%	23.64%
Dividend Yield	-	-	4.06%	3.62%	3.53%	3.13%	2.34%	3.24%	2.47%	1.01%	1.51%	3.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	237.00
(-) Cash Dividends Paid (M)	164.00
(=) Cash Retained (M)	73.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.40	29.63	17.78
Cash Retained (M)	73.00	73.00	73.00
(-) Cash Required (M)	-47.40	-29.63	-17.78
(=) Excess Retained (M)	25.60	43.38	55.23
(/) Shares Outstanding (M)	13.26	13.26	13.26
(=) Excess Retained per Share	1.93	3.27	4.17
LTM Dividend per Share	12.37	12.37	12.37
(+) Excess Retained per Share	1.93	3.27	4.17
(=) Adjusted Dividend	14.30	15.64	16.54
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.75%	3.75%	4.75%
Fair Value	$375.74	$557.49	$906.32
Upside / Downside	-44.99%	-18.38%	32.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	237.00	245.90	255.13	264.70	274.64	284.95	293.50
Payout Ratio	69.20%	73.36%	77.52%	81.68%	85.84%	90.00%	92.50%
Projected Dividends (M)	164.00	180.39	197.77	216.21	235.75	256.45	271.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.75%	3.75%	4.75%
Year 1 PV (M)	167.48	169.11	170.74
Year 2 PV (M)	170.49	173.83	177.19
Year 3 PV (M)	173.06	178.16	183.36
Year 4 PV (M)	175.20	182.12	189.24
Year 5 PV (M)	176.96	185.74	194.86
PV of Terminal Value (M)	5,110.91	5,364.50	5,628.05
Equity Value (M)	5,974.10	6,253.46	6,543.45
Shares Outstanding (M)	13.26	13.26	13.26
Fair Value	$450.68	$471.75	$493.63
Upside / Downside	-34.01%	-30.93%	-27.73%

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Daiki Axis Co., Ltd. (4245.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener