DDM Analysis: 6239.T

Valuation Snapshot

Stable Growth	$1,023.90 - $1,581.91	$1,282.92
Multi-Stage	$2,289.04 - $2,521.44	$2,402.95
Blended Fair Value	$1,842.93
Current Price	$1,480.00
Upside	24.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	34.02	23.19	20.16	15.12	9.90	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	46.75%	15.04%	33.34%	52.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.30%	1.82%	2.02%	2.17%	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)	772.20
(-) Cash Dividends Paid (M)	237.00
(=) Cash Retained (M)	535.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	154.44	96.52	57.91
Cash Retained (M)	535.20	535.20	535.20
(-) Cash Required (M)	-154.44	-96.52	-57.91
(=) Excess Retained (M)	380.76	438.67	477.28
(/) Shares Outstanding (M)	6.99	6.99	6.99
(=) Excess Retained per Share	54.50	62.78	68.31
LTM Dividend per Share	33.92	33.92	33.92
(+) Excess Retained per Share	54.50	62.78	68.31
(=) Adjusted Dividend	88.42	96.70	102.23
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,023.90	$1,282.92	$1,581.91
Upside / Downside	-30.82%	-13.32%	6.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	772.20	764.48	756.83	749.26	741.77	734.35	756.38
Payout Ratio	30.69%	42.55%	54.41%	66.28%	78.14%	90.00%	92.50%
Projected Dividends (M)	237.00	325.31	411.83	496.59	579.61	660.92	699.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	302.48	305.56	308.65
Year 2 PV (M)	356.05	363.35	370.73
Year 3 PV (M)	399.19	411.53	424.13
Year 4 PV (M)	433.22	451.18	469.68
Year 5 PV (M)	459.32	483.24	508.14
PV of Terminal Value (M)	14,043.15	14,774.41	15,535.82
Equity Value (M)	15,993.41	16,789.27	17,617.16
Shares Outstanding (M)	6.99	6.99	6.99
Fair Value	$2,289.04	$2,402.95	$2,521.44
Upside / Downside	54.66%	62.36%	70.37%

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Nagaoka International Corporation (6239.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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