DDM Analysis: 4917.T

Valuation Snapshot

Stable Growth	$351.93 - $521.39	$432.94
Multi-Stage	$918.42 - $1,010.21	$963.41
Blended Fair Value	$698.17
Current Price	$1,407.00
Upside	-50.38%
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	-8.46%	0.40%	39.93	38.89	36.96	33.81	46.76	62.12	66.80	52.83	42.99	40.90
YoY Growth	-	-	2.68%	5.22%	9.31%	-27.69%	-24.73%	-7.00%	26.44%	22.90%	5.09%	6.65%
Dividend Yield	-	-	2.84%	3.21%	2.56%	2.12%	2.26%	3.13%	2.51%	1.53%	1.41%	1.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,020.00
(-) Cash Dividends Paid (M)	1,806.00
(=) Cash Retained (M)	214.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	404.00	252.50	151.50
Cash Retained (M)	214.00	214.00	214.00
(-) Cash Required (M)	-404.00	-252.50	-151.50
(=) Excess Retained (M)	-190.00	-38.50	62.50
(/) Shares Outstanding (M)	45.10	45.10	45.10
(=) Excess Retained per Share	-4.21	-0.85	1.39
LTM Dividend per Share	40.04	40.04	40.04
(+) Excess Retained per Share	-4.21	-0.85	1.39
(=) Adjusted Dividend	35.83	39.19	41.43
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-3.41%	-2.41%	-1.41%
Fair Value	$351.93	$432.94	$521.39
Upside / Downside	-74.99%	-69.23%	-62.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,020.00	1,971.39	1,923.95	1,877.65	1,832.47	1,788.37	1,842.02
Payout Ratio	89.41%	89.52%	89.64%	89.76%	89.88%	90.00%	92.50%
Projected Dividends (M)	1,806.00	1,764.88	1,724.70	1,685.42	1,647.04	1,609.53	1,703.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-3.41%	-2.41%	-1.41%
Year 1 PV (M)	1,641.31	1,658.30	1,675.29
Year 2 PV (M)	1,491.64	1,522.68	1,554.04
Year 3 PV (M)	1,355.61	1,398.15	1,441.57
Year 4 PV (M)	1,231.98	1,283.80	1,337.23
Year 5 PV (M)	1,119.63	1,178.80	1,240.44
PV of Terminal Value (M)	34,585.18	36,412.88	38,317.04
Equity Value (M)	41,425.35	43,454.61	45,565.62
Shares Outstanding (M)	45.10	45.10	45.10
Fair Value	$918.42	$963.41	$1,010.21
Upside / Downside	-34.72%	-31.53%	-28.20%

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Mandom Corporation (4917.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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