DDM Analysis: 7276.T

Valuation Snapshot

Stable Growth	$2,309.20 - $4,119.39	$3,071.31
Multi-Stage	$3,897.89 - $4,283.27	$4,086.88
Blended Fair Value	$3,579.09
Current Price	$1,724.50
Upside	107.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.21%	14.15%	58.25	44.27	29.96	29.95	22.19	57.65	55.41	38.79	22.16	23.28
YoY Growth	-	-	31.60%	47.77%	0.01%	35.01%	-61.51%	4.03%	42.87%	75.02%	-4.79%	50.02%
Dividend Yield	-	-	3.38%	2.00%	1.16%	1.39%	0.64%	2.66%	1.88%	1.06%	0.77%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,064.00
(-) Cash Dividends Paid (M)	16,257.00
(=) Cash Retained (M)	32,807.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,812.80	6,133.00	3,679.80
Cash Retained (M)	32,807.00	32,807.00	32,807.00
(-) Cash Required (M)	-9,812.80	-6,133.00	-3,679.80
(=) Excess Retained (M)	22,994.20	26,674.00	29,127.20
(/) Shares Outstanding (M)	289.92	289.92	289.92
(=) Excess Retained per Share	79.31	92.00	100.47
LTM Dividend per Share	56.07	56.07	56.07
(+) Excess Retained per Share	79.31	92.00	100.47
(=) Adjusted Dividend	135.39	148.08	156.54
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.64%	1.64%	2.64%
Fair Value	$2,309.20	$3,071.31	$4,119.39
Upside / Downside	33.91%	78.10%	138.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,064.00	49,868.32	50,685.82	51,516.72	52,361.25	53,219.62	54,816.21
Payout Ratio	33.13%	44.51%	55.88%	67.25%	78.63%	90.00%	92.50%
Projected Dividends (M)	16,257.00	22,195.10	28,323.52	34,646.91	41,170.00	47,897.66	50,704.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.64%	1.64%	2.64%
Year 1 PV (M)	20,627.74	20,832.71	21,037.68
Year 2 PV (M)	24,464.50	24,953.10	25,446.53
Year 3 PV (M)	27,813.03	28,650.38	29,504.38
Year 4 PV (M)	30,715.62	31,954.75	33,231.01
Year 5 PV (M)	33,211.40	34,894.54	36,645.24
PV of Terminal Value (M)	993,254.44	1,043,592.14	1,095,950.34
Equity Value (M)	1,130,086.73	1,184,877.63	1,241,815.17
Shares Outstanding (M)	289.92	289.92	289.92
Fair Value	$3,897.89	$4,086.88	$4,283.27
Upside / Downside	126.03%	136.99%	148.38%

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Koito Manufacturing Co., Ltd. (7276.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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