DDM Analysis: 6361.T

Valuation Snapshot

Stable Growth	$12,912.60 - $31,624.75	$29,637.02
Multi-Stage	$4,597.75 - $5,032.65	$4,811.20
Blended Fair Value	$17,224.11
Current Price	$2,778.00
Upside	520.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2017	2016
DPS	31.10%	18.81%	49.23	40.97	39.40	22.61	12.36	12.71	9.89	13.18	12.07	14.32
YoY Growth	-	-	20.17%	3.99%	74.23%	83.00%	-2.79%	28.46%	-24.91%	9.15%	-15.72%	63.01%
Dividend Yield	-	-	2.19%	1.53%	3.21%	1.65%	1.37%	3.09%	1.54%	1.70%	1.94%	2.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73,527.00
(-) Cash Dividends Paid (M)	25,404.00
(=) Cash Retained (M)	48,123.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,705.40	9,190.88	5,514.53
Cash Retained (M)	48,123.00	48,123.00	48,123.00
(-) Cash Required (M)	-14,705.40	-9,190.88	-5,514.53
(=) Excess Retained (M)	33,417.60	38,932.13	42,608.48
(/) Shares Outstanding (M)	462.38	462.38	462.38
(=) Excess Retained per Share	72.27	84.20	92.15
LTM Dividend per Share	54.94	54.94	54.94
(+) Excess Retained per Share	72.27	84.20	92.15
(=) Adjusted Dividend	127.21	139.14	147.09
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12,912.60	$29,637.02	$31,624.75
Upside / Downside	364.82%	966.85%	1,038.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73,527.00	78,306.26	83,396.16	88,816.91	94,590.01	100,738.36	103,760.51
Payout Ratio	34.55%	45.64%	56.73%	67.82%	78.91%	90.00%	92.50%
Projected Dividends (M)	25,404.00	35,739.33	47,310.93	60,235.83	74,641.09	90,664.53	95,978.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33,230.67	33,545.66	33,860.64
Year 2 PV (M)	40,902.22	41,681.29	42,467.71
Year 3 PV (M)	48,420.91	49,810.90	51,227.24
Year 4 PV (M)	55,789.01	57,934.50	60,141.28
Year 5 PV (M)	63,008.74	66,052.08	69,211.90
PV of Terminal Value (M)	1,884,558.63	1,975,583.52	2,070,092.14
Equity Value (M)	2,125,910.18	2,224,607.94	2,327,000.91
Shares Outstanding (M)	462.38	462.38	462.38
Fair Value	$4,597.75	$4,811.20	$5,032.65
Upside / Downside	65.51%	73.19%	81.16%

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Ebara Corporation (6361.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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