DDM Analysis: 8818.T

Valuation Snapshot

Stable Growth	$3,588.55 - $19,662.79	$6,955.60
Multi-Stage	$3,923.73 - $4,311.37	$4,113.87
Blended Fair Value	$5,534.74
Current Price	$1,639.00
Upside	237.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.30%	9.28%	37.64	36.13	39.22	34.49	30.90	26.46	21.53	19.34	18.26	17.15
YoY Growth	-	-	4.17%	-7.90%	13.74%	11.62%	16.78%	22.89%	11.33%	5.89%	6.48%	10.73%
Dividend Yield	-	-	2.51%	2.11%	3.40%	2.63%	2.27%	1.91%	2.14%	2.12%	2.61%	3.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,932.47
(-) Cash Dividends Paid (M)	464.48
(=) Cash Retained (M)	4,467.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	986.49	616.56	369.94
Cash Retained (M)	4,467.98	4,467.98	4,467.98
(-) Cash Required (M)	-986.49	-616.56	-369.94
(=) Excess Retained (M)	3,481.49	3,851.43	4,098.05
(/) Shares Outstanding (M)	48.74	48.74	48.74
(=) Excess Retained per Share	71.42	79.01	84.07
LTM Dividend per Share	9.53	9.53	9.53
(+) Excess Retained per Share	71.42	79.01	84.07
(=) Adjusted Dividend	80.95	88.54	93.60
WACC / Discount Rate	5.36%	5.36%	5.36%
Growth Rate	3.04%	4.04%	5.04%
Fair Value	$3,588.55	$6,955.60	$19,662.79
Upside / Downside	118.95%	324.38%	1,099.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,932.47	5,131.54	5,338.64	5,554.10	5,778.26	6,011.46	6,191.80
Payout Ratio	9.42%	25.53%	41.65%	57.77%	73.88%	90.00%	92.50%
Projected Dividends (M)	464.48	1,310.26	2,223.55	3,208.42	4,269.17	5,410.31	5,727.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.36%	5.36%	5.36%
Growth Rate	3.04%	4.04%	5.04%
Year 1 PV (M)	1,231.65	1,243.60	1,255.55
Year 2 PV (M)	1,964.74	2,003.06	2,041.75
Year 3 PV (M)	2,664.88	2,743.23	2,823.09
Year 4 PV (M)	3,333.18	3,464.47	3,599.61
Year 5 PV (M)	3,970.69	4,167.15	4,371.32
PV of Terminal Value (M)	178,096.61	186,908.46	196,065.70
Equity Value (M)	191,261.74	200,529.97	210,157.02
Shares Outstanding (M)	48.74	48.74	48.74
Fair Value	$3,923.73	$4,113.87	$4,311.37
Upside / Downside	139.40%	151.00%	163.05%

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Keihanshin Building Co., Ltd. (8818.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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