DDM Analysis: 8842.T

Valuation Snapshot

Stable Growth	$1,188.77 - $1,847.27	$1,493.22
Multi-Stage	$2,754.82 - $3,027.90	$2,888.70
Blended Fair Value	$2,190.96
Current Price	$6,700.00
Upside	-67.30%
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	10.69%	5.20%	99.75	60.06	59.99	79.77	59.97	60.03	79.81	59.98	59.89	60.04
YoY Growth	-	-	66.08%	0.12%	-24.81%	33.03%	-0.10%	-24.79%	33.07%	0.15%	-0.25%	-0.05%
Dividend Yield	-	-	1.49%	1.39%	1.52%	1.87%	1.48%	1.19%	1.45%	1.14%	1.24%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	754.03
(-) Cash Dividends Paid (M)	597.81
(=) Cash Retained (M)	156.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	150.81	94.25	56.55
Cash Retained (M)	156.22	156.22	156.22
(-) Cash Required (M)	-150.81	-94.25	-56.55
(=) Excess Retained (M)	5.41	61.97	99.67
(/) Shares Outstanding (M)	5.99	5.99	5.99
(=) Excess Retained per Share	0.90	10.34	16.63
LTM Dividend per Share	99.75	99.75	99.75
(+) Excess Retained per Share	0.90	10.34	16.63
(=) Adjusted Dividend	100.65	110.09	116.38
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.88%	-0.88%	0.12%
Fair Value	$1,188.77	$1,493.22	$1,847.27
Upside / Downside	-82.26%	-77.71%	-72.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	754.03	747.38	740.78	734.25	727.77	721.34	742.98
Payout Ratio	79.28%	81.43%	83.57%	85.71%	87.86%	90.00%	92.50%
Projected Dividends (M)	597.81	608.56	619.07	629.34	639.39	649.21	687.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.88%	-0.88%	0.12%
Year 1 PV (M)	566.05	571.82	577.59
Year 2 PV (M)	535.60	546.58	557.66
Year 3 PV (M)	506.46	522.11	538.07
Year 4 PV (M)	478.61	498.42	518.84
Year 5 PV (M)	452.01	475.52	500.00
PV of Terminal Value (M)	13,971.81	14,698.47	15,455.05
Equity Value (M)	16,510.55	17,312.91	18,147.21
Shares Outstanding (M)	5.99	5.99	5.99
Fair Value	$2,754.82	$2,888.70	$3,027.90
Upside / Downside	-58.88%	-56.89%	-54.81%

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Tokyo Rakutenchi Co.,Ltd. (8842.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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