DDM Analysis: 6517.T

Valuation Snapshot

Stable Growth	$7,496.67 - $34,706.77	$13,197.35
Multi-Stage	$6,431.05 - $7,051.73	$6,735.59
Blended Fair Value	$9,966.47
Current Price	$2,966.00
Upside	236.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.36%	10.39%	73.06	53.24	50.32	49.59	48.51	46.71	48.42	32.25	33.56	32.44
YoY Growth	-	-	37.24%	5.81%	1.47%	2.21%	3.86%	-3.52%	50.15%	-3.92%	3.45%	19.35%
Dividend Yield	-	-	2.58%	1.88%	2.44%	3.12%	2.49%	2.45%	3.19%	1.88%	1.72%	3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,970.00
(-) Cash Dividends Paid (M)	1,071.50
(=) Cash Retained (M)	3,898.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	994.00	621.25	372.75
Cash Retained (M)	3,898.50	3,898.50	3,898.50
(-) Cash Required (M)	-994.00	-621.25	-372.75
(=) Excess Retained (M)	2,904.50	3,277.25	3,525.75
(/) Shares Outstanding (M)	20.53	20.53	20.53
(=) Excess Retained per Share	141.47	159.63	171.73
LTM Dividend per Share	52.19	52.19	52.19
(+) Excess Retained per Share	141.47	159.63	171.73
(=) Adjusted Dividend	193.67	211.82	223.93
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.86%	4.86%	5.86%
Fair Value	$7,496.67	$13,197.35	$34,706.77
Upside / Downside	152.75%	344.95%	1,070.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,970.00	5,211.36	5,464.45	5,729.82	6,008.09	6,299.86	6,488.86
Payout Ratio	21.56%	35.25%	48.94%	62.62%	76.31%	90.00%	92.50%
Projected Dividends (M)	1,071.50	1,836.87	2,674.06	3,588.23	4,584.88	5,669.88	6,002.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.86%	4.86%	5.86%
Year 1 PV (M)	1,707.68	1,724.13	1,740.57
Year 2 PV (M)	2,311.15	2,355.87	2,401.02
Year 3 PV (M)	2,883.13	2,967.22	3,052.93
Year 4 PV (M)	3,424.85	3,558.67	3,696.38
Year 5 PV (M)	3,937.44	4,130.69	4,331.45
PV of Terminal Value (M)	117,766.92	123,546.86	129,551.55
Equity Value (M)	132,031.18	138,283.44	144,773.89
Shares Outstanding (M)	20.53	20.53	20.53
Fair Value	$6,431.05	$6,735.59	$7,051.73
Upside / Downside	116.83%	127.09%	137.75%

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Denyo Co., Ltd. (6517.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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