DDM Analysis: 6850.T

Valuation Snapshot

Stable Growth	$18,113.29 - $21,341.13	$19,999.48
Multi-Stage	$14,340.68 - $15,744.27	$15,029.33
Blended Fair Value	$17,514.41
Current Price	$1,300.00
Upside	1,247.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.68%	6.30%	32.39	35.80	22.87	22.40	22.42	22.37	19.89	17.54	20.12	17.79
YoY Growth	-	-	-9.52%	56.56%	2.10%	-0.08%	0.20%	12.46%	13.43%	-12.81%	13.10%	1.17%
Dividend Yield	-	-	2.66%	2.71%	1.85%	2.70%	2.95%	3.22%	2.91%	2.06%	3.23%	3.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,828.00
(-) Cash Dividends Paid (M)	169.50
(=) Cash Retained (M)	1,658.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	365.60	228.50	137.10
Cash Retained (M)	1,658.50	1,658.50	1,658.50
(-) Cash Required (M)	-365.60	-228.50	-137.10
(=) Excess Retained (M)	1,292.90	1,430.00	1,521.40
(/) Shares Outstanding (M)	17.01	17.01	17.01
(=) Excess Retained per Share	76.01	84.07	89.44
LTM Dividend per Share	9.97	9.97	9.97
(+) Excess Retained per Share	76.01	84.07	89.44
(=) Adjusted Dividend	85.98	94.04	99.41
WACC / Discount Rate	-0.98%	-0.98%	-0.98%
Growth Rate	5.34%	6.34%	7.34%
Fair Value	$18,113.29	$19,999.48	$21,341.13
Upside / Downside	1,293.33%	1,438.42%	1,541.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,828.00	1,943.90	2,067.14	2,198.20	2,337.56	2,485.76	2,560.34
Payout Ratio	9.27%	25.42%	41.56%	57.71%	73.85%	90.00%	92.50%
Projected Dividends (M)	169.50	494.10	859.17	1,268.56	1,726.39	2,237.19	2,368.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.98%	-0.98%	-0.98%
Growth Rate	5.34%	6.34%	7.34%
Year 1 PV (M)	494.31	499.00	503.69
Year 2 PV (M)	859.90	876.31	892.86
Year 3 PV (M)	1,270.17	1,306.68	1,343.90
Year 4 PV (M)	1,729.32	1,795.92	1,864.44
Year 5 PV (M)	2,241.92	2,350.38	2,462.99
PV of Terminal Value (M)	237,332.54	248,813.53	260,734.60
Equity Value (M)	243,928.16	255,641.82	267,802.47
Shares Outstanding (M)	17.01	17.01	17.01
Fair Value	$14,340.68	$15,029.33	$15,744.27
Upside / Downside	1,003.13%	1,056.10%	1,111.10%

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Chino Corporation (6850.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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