DDM Analysis: 7280.T

Valuation Snapshot

Stable Growth	$3,697.52 - $7,696.50	$5,214.36
Multi-Stage	$5,029.02 - $5,525.96	$5,272.75
Blended Fair Value	$5,243.56
Current Price	$829.00
Upside	532.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.93%	9.26%	15.31	12.95	23.55	7.94	0.00	12.63	12.63	11.84	14.20	11.04
YoY Growth	-	-	18.26%	-45.02%	196.67%	0.00%	-100.00%	0.00%	6.71%	-16.65%	28.59%	74.86%
Dividend Yield	-	-	1.85%	1.15%	2.91%	1.98%	0.00%	2.73%	1.87%	1.33%	0.69%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,858.00
(-) Cash Dividends Paid (M)	1,039.00
(=) Cash Retained (M)	10,819.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,371.60	1,482.25	889.35
Cash Retained (M)	10,819.00	10,819.00	10,819.00
(-) Cash Required (M)	-2,371.60	-1,482.25	-889.35
(=) Excess Retained (M)	8,447.40	9,336.75	9,929.65
(/) Shares Outstanding (M)	56.70	56.70	56.70
(=) Excess Retained per Share	148.99	164.68	175.14
LTM Dividend per Share	18.33	18.33	18.33
(+) Excess Retained per Share	148.99	164.68	175.14
(=) Adjusted Dividend	167.32	183.01	193.46
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.93%	2.93%	3.93%
Fair Value	$3,697.52	$5,214.36	$7,696.50
Upside / Downside	346.02%	528.99%	828.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,858.00	12,204.88	12,561.91	12,929.39	13,307.62	13,696.90	14,107.81
Payout Ratio	8.76%	25.01%	41.26%	57.50%	73.75%	90.00%	92.50%
Projected Dividends (M)	1,039.00	3,052.39	5,182.70	7,435.02	9,814.69	12,327.21	13,049.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.93%	2.93%	3.93%
Year 1 PV (M)	2,837.25	2,865.09	2,892.92
Year 2 PV (M)	4,477.85	4,566.14	4,655.30
Year 3 PV (M)	5,971.07	6,148.55	6,329.51
Year 4 PV (M)	7,326.62	7,618.41	7,918.82
Year 5 PV (M)	8,553.60	8,981.51	9,426.39
PV of Terminal Value (M)	255,959.62	268,764.66	282,077.14
Equity Value (M)	285,126.00	298,944.36	313,300.09
Shares Outstanding (M)	56.70	56.70	56.70
Fair Value	$5,029.02	$5,272.75	$5,525.96
Upside / Downside	506.64%	536.04%	566.58%

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Mitsuba Corporation (7280.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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