DDM Analysis: 6981.T

Valuation Snapshot

Stable Growth	$3,082.61 - $8,788.35	$4,817.04
Multi-Stage	$3,216.38 - $3,524.76	$3,367.68
Blended Fair Value	$4,092.36
Current Price	$2,815.50
Upside	45.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.13%	12.33%	54.79	50.95	49.63	41.41	36.24	32.32	31.06	27.54	25.18	22.84
YoY Growth	-	-	7.54%	2.65%	19.85%	14.29%	12.10%	4.08%	12.77%	9.36%	10.27%	33.33%
Dividend Yield	-	-	2.54%	1.56%	1.81%	1.68%	1.28%	1.54%	1.83%	1.33%	1.33%	1.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235,877.00
(-) Cash Dividends Paid (M)	106,443.00
(=) Cash Retained (M)	129,434.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47,175.40	29,484.63	17,690.78
Cash Retained (M)	129,434.00	129,434.00	129,434.00
(-) Cash Required (M)	-47,175.40	-29,484.63	-17,690.78
(=) Excess Retained (M)	82,258.60	99,949.38	111,743.23
(/) Shares Outstanding (M)	1,854.00	1,854.00	1,854.00
(=) Excess Retained per Share	44.37	53.91	60.27
LTM Dividend per Share	57.41	57.41	57.41
(+) Excess Retained per Share	44.37	53.91	60.27
(=) Adjusted Dividend	101.78	111.32	117.68
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.27%	4.27%	5.27%
Fair Value	$3,082.61	$4,817.04	$8,788.35
Upside / Downside	9.49%	71.09%	212.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235,877.00	245,939.17	256,430.57	267,369.52	278,775.11	290,667.25	299,387.27
Payout Ratio	45.13%	54.10%	63.08%	72.05%	81.03%	90.00%	92.50%
Projected Dividends (M)	106,443.00	133,056.01	161,745.87	192,641.33	225,878.36	261,600.53	276,933.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.27%	4.27%	5.27%
Year 1 PV (M)	123,533.46	124,729.73	125,925.99
Year 2 PV (M)	139,422.67	142,136.01	144,875.50
Year 3 PV (M)	154,169.97	158,692.31	163,302.23
Year 4 PV (M)	167,832.11	174,428.13	181,216.68
Year 5 PV (M)	180,463.40	189,372.09	198,629.17
PV of Terminal Value (M)	5,197,730.08	5,454,319.09	5,720,942.85
Equity Value (M)	5,963,151.70	6,243,677.36	6,534,892.43
Shares Outstanding (M)	1,854.00	1,854.00	1,854.00
Fair Value	$3,216.38	$3,367.68	$3,524.76
Upside / Downside	14.24%	19.61%	25.19%

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Murata Manufacturing Co., Ltd. (6981.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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