DDM Analysis: 7739.T

Valuation Snapshot

Stable Growth	$1,599.74 - $2,481.98	$2,008.06
Multi-Stage	$3,078.74 - $3,388.96	$3,230.81
Blended Fair Value	$2,619.44
Current Price	$2,730.00
Upside	-4.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.04%	0.66%	64.94	60.05	54.97	50.03	59.98	79.81	79.93	59.88	59.81	59.83
YoY Growth	-	-	8.14%	9.25%	9.87%	-16.59%	-24.85%	-0.15%	33.48%	0.12%	-0.04%	-1.57%
Dividend Yield	-	-	2.61%	2.56%	2.98%	3.12%	3.48%	5.00%	4.31%	2.53%	3.32%	3.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,918.00
(-) Cash Dividends Paid (M)	1,431.00
(=) Cash Retained (M)	5,487.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,383.60	864.75	518.85
Cash Retained (M)	5,487.00	5,487.00	5,487.00
(-) Cash Required (M)	-1,383.60	-864.75	-518.85
(=) Excess Retained (M)	4,103.40	4,622.25	4,968.15
(/) Shares Outstanding (M)	40.90	40.90	40.90
(=) Excess Retained per Share	100.33	113.02	121.47
LTM Dividend per Share	34.99	34.99	34.99
(+) Excess Retained per Share	100.33	113.02	121.47
(=) Adjusted Dividend	135.32	148.01	156.46
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-1.34%	-0.34%	0.66%
Fair Value	$1,599.74	$2,008.06	$2,481.98
Upside / Downside	-41.40%	-26.44%	-9.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,918.00	6,894.73	6,871.54	6,848.43	6,825.40	6,802.44	7,006.51
Payout Ratio	20.69%	34.55%	48.41%	62.27%	76.14%	90.00%	92.50%
Projected Dividends (M)	1,431.00	2,382.00	3,326.59	4,264.80	5,196.65	6,122.19	6,481.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-1.34%	-0.34%	0.66%
Year 1 PV (M)	2,203.64	2,225.97	2,248.31
Year 2 PV (M)	2,847.05	2,905.06	2,963.65
Year 3 PV (M)	3,376.70	3,480.42	3,586.24
Year 4 PV (M)	3,806.42	3,963.10	4,124.57
Year 5 PV (M)	4,148.57	4,363.11	4,586.44
PV of Terminal Value (M)	109,533.62	115,198.15	121,094.64
Equity Value (M)	125,916.00	132,135.81	138,603.84
Shares Outstanding (M)	40.90	40.90	40.90
Fair Value	$3,078.74	$3,230.81	$3,388.96
Upside / Downside	12.77%	18.34%	24.14%

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Financial Statements

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Ticker

Industry

Sector

Canon Electronics Inc. (7739.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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