DDM Analysis: 4689.T

Valuation Snapshot

Stable Growth	$1,325.34 - $5,730.20	$3,216.11
Multi-Stage	$667.60 - $730.50	$698.47
Blended Fair Value	$1,957.29
Current Price	$476.10
Upside	311.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-1.52%	5.17%	5.88	5.90	6.14	5.95	5.94	6.34	7.11	7.11	7.10	7.10
YoY Growth	-	-	-0.38%	-3.84%	3.14%	0.09%	-6.32%	-10.75%	0.05%	0.05%	0.03%	99.96%
Dividend Yield	-	-	1.11%	1.56%	1.77%	1.50%	1.07%	1.21%	2.24%	1.93%	1.45%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	204,524.00
(-) Cash Dividends Paid (M)	49,910.00
(=) Cash Retained (M)	154,614.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40,904.80	25,565.50	15,339.30
Cash Retained (M)	154,614.00	154,614.00	154,614.00
(-) Cash Required (M)	-40,904.80	-25,565.50	-15,339.30
(=) Excess Retained (M)	113,709.20	129,048.50	139,274.70
(/) Shares Outstanding (M)	7,098.31	7,098.31	7,098.31
(=) Excess Retained per Share	16.02	18.18	19.62
LTM Dividend per Share	7.03	7.03	7.03
(+) Excess Retained per Share	16.02	18.18	19.62
(=) Adjusted Dividend	23.05	25.21	26.65
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,325.34	$3,216.11	$5,730.20
Upside / Downside	178.37%	575.51%	1,103.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	204,524.00	217,818.06	231,976.23	247,054.69	263,113.24	280,215.60	288,622.07
Payout Ratio	24.40%	37.52%	50.64%	63.76%	76.88%	90.00%	92.50%
Projected Dividends (M)	49,910.00	81,730.57	117,476.95	157,525.04	202,283.04	252,194.04	266,975.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	75,430.43	76,145.41	76,860.39
Year 2 PV (M)	100,063.74	101,969.67	103,893.58
Year 3 PV (M)	123,832.80	127,387.60	131,009.78
Year 4 PV (M)	146,759.97	152,403.94	158,209.16
Year 5 PV (M)	168,867.08	177,023.43	185,491.93
PV of Terminal Value (M)	4,123,877.93	4,323,062.77	4,529,870.89
Equity Value (M)	4,738,831.95	4,957,992.82	5,185,335.74
Shares Outstanding (M)	7,098.31	7,098.31	7,098.31
Fair Value	$667.60	$698.47	$730.50
Upside / Downside	40.22%	46.71%	53.43%

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LY Corporation (4689.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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