DDM Analysis: 5482.T

Valuation Snapshot

Stable Growth	$4,150.69 - $7,257.34	$5,476.43
Multi-Stage	$7,585.18 - $8,340.89	$7,955.73
Blended Fair Value	$6,716.08
Current Price	$2,137.00
Upside	214.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.68%	2.68%	79.48	36.66	12.27	39.69	42.79	73.13	79.29	60.98	61.04	61.01
YoY Growth	-	-	116.82%	198.74%	-69.09%	-7.24%	-41.48%	-7.78%	30.03%	-0.10%	0.05%	0.05%
Dividend Yield	-	-	3.72%	4.12%	1.61%	7.62%	5.61%	9.56%	9.71%	5.72%	5.51%	5.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,267.00
(-) Cash Dividends Paid (M)	3,108.00
(=) Cash Retained (M)	7,159.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,053.40	1,283.38	770.03
Cash Retained (M)	7,159.00	7,159.00	7,159.00
(-) Cash Required (M)	-2,053.40	-1,283.38	-770.03
(=) Excess Retained (M)	5,105.60	5,875.63	6,388.98
(/) Shares Outstanding (M)	32.27	32.27	32.27
(=) Excess Retained per Share	158.20	182.06	197.97
LTM Dividend per Share	96.31	96.31	96.31
(+) Excess Retained per Share	158.20	182.06	197.97
(=) Adjusted Dividend	254.51	278.37	294.28
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.20%	1.20%	2.20%
Fair Value	$4,150.69	$5,476.43	$7,257.34
Upside / Downside	94.23%	156.27%	239.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,267.00	10,390.68	10,515.86	10,642.54	10,770.75	10,900.50	11,227.51
Payout Ratio	30.27%	42.22%	54.16%	66.11%	78.05%	90.00%	92.50%
Projected Dividends (M)	3,108.00	4,386.68	5,695.71	7,035.64	8,407.04	9,810.45	10,385.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.20%	1.20%	2.20%
Year 1 PV (M)	4,084.04	4,124.80	4,165.55
Year 2 PV (M)	4,936.92	5,035.95	5,135.96
Year 3 PV (M)	5,677.62	5,849.31	6,024.41
Year 4 PV (M)	6,316.26	6,572.19	6,835.83
Year 5 PV (M)	6,862.15	7,211.46	7,574.85
PV of Terminal Value (M)	216,914.73	227,956.51	239,443.44
Equity Value (M)	244,791.72	256,750.21	269,180.04
Shares Outstanding (M)	32.27	32.27	32.27
Fair Value	$7,585.18	$7,955.73	$8,340.89
Upside / Downside	254.95%	272.29%	290.31%

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Aichi Steel Corporation (5482.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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