DDM Analysis: 5939.T

Valuation Snapshot

Stable Growth	$6,764.48 - $15,215.27	$9,805.10
Multi-Stage	$28,921.57 - $31,966.43	$30,413.41
Blended Fair Value	$20,109.26
Current Price	$5,450.00
Upside	268.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	-0.13%	0.00%	29.89	29.94	30.02	29.92	29.83	30.08	0.00	0.00	0.00	0.00
YoY Growth	-	-	-0.15%	-0.28%	0.33%	0.29%	-0.82%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.55%	0.42%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	282.79
(-) Cash Dividends Paid (M)	23.25
(=) Cash Retained (M)	259.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.56	35.35	21.21
Cash Retained (M)	259.54	259.54	259.54
(-) Cash Required (M)	-56.56	-35.35	-21.21
(=) Excess Retained (M)	202.98	224.19	238.33
(/) Shares Outstanding (M)	0.78	0.78	0.78
(=) Excess Retained per Share	260.51	287.73	305.88
LTM Dividend per Share	29.84	29.84	29.84
(+) Excess Retained per Share	260.51	287.73	305.88
(=) Adjusted Dividend	290.35	317.57	335.72
WACC / Discount Rate	2.21%	2.21%	2.21%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6,764.48	$9,805.10	$15,215.27
Upside / Downside	24.12%	79.91%	179.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	282.79	279.97	277.17	274.39	271.65	268.93	277.00
Payout Ratio	8.22%	24.58%	40.93%	57.29%	73.64%	90.00%	92.50%
Projected Dividends (M)	23.25	68.81	113.45	157.20	200.05	242.04	256.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.21%	2.21%	2.21%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	66.64	67.32	68.00
Year 2 PV (M)	106.42	108.61	110.81
Year 3 PV (M)	142.82	147.23	151.74
Year 4 PV (M)	176.04	183.33	190.85
Year 5 PV (M)	206.28	217.02	228.20
PV of Terminal Value (M)	21,836.65	22,973.74	24,157.70
Equity Value (M)	22,534.85	23,697.25	24,907.31
Shares Outstanding (M)	0.78	0.78	0.78
Fair Value	$28,921.57	$30,413.41	$31,966.43
Upside / Downside	430.67%	458.04%	486.54%

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Otani Kogyo Co.,Ltd. (5939.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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