DDM Analysis: 9104.T

Valuation Snapshot

Stable Growth	$70,525.89 - $167,389.27	$156,868.26
Multi-Stage	$24,109.82 - $26,417.07	$25,242.14
Blended Fair Value	$91,055.20
Current Price	$4,494.00
Upside	1,926.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	74.10%	30.79%	299.87	381.46	616.66	148.38	17.03	18.75	10.27	3.46	12.15	25.47
YoY Growth	-	-	-21.39%	-38.14%	315.60%	771.10%	-9.15%	82.55%	196.46%	-71.49%	-52.30%	24.38%
Dividend Yield	-	-	6.22%	7.69%	17.84%	4.78%	0.96%	2.95%	1.14%	0.39%	1.10%	3.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	294,946.00
(-) Cash Dividends Paid (M)	19,912.00
(=) Cash Retained (M)	275,034.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58,989.20	36,868.25	22,120.95
Cash Retained (M)	275,034.00	275,034.00	275,034.00
(-) Cash Required (M)	-58,989.20	-36,868.25	-22,120.95
(=) Excess Retained (M)	216,044.80	238,165.75	252,913.05
(/) Shares Outstanding (M)	350.43	350.43	350.43
(=) Excess Retained per Share	616.52	679.65	721.73
LTM Dividend per Share	56.82	56.82	56.82
(+) Excess Retained per Share	616.52	679.65	721.73
(=) Adjusted Dividend	673.34	736.47	778.55
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70,525.89	$156,868.26	$167,389.27
Upside / Downside	1,469.33%	3,390.62%	3,624.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	294,946.00	314,117.49	334,535.13	356,279.91	379,438.10	404,101.58	416,224.63
Payout Ratio	6.75%	23.40%	40.05%	56.70%	73.35%	90.00%	92.50%
Projected Dividends (M)	19,912.00	73,506.17	133,983.46	202,012.23	278,318.66	363,691.42	385,007.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	68,367.15	69,015.18	69,663.21
Year 2 PV (M)	115,904.01	118,111.66	120,340.13
Year 3 PV (M)	162,535.63	167,201.45	171,955.71
Year 4 PV (M)	208,274.88	216,284.54	224,523.04
Year 5 PV (M)	253,134.46	265,360.95	278,055.38
PV of Terminal Value (M)	7,640,466.00	8,009,503.36	8,392,664.65
Equity Value (M)	8,448,682.13	8,845,477.14	9,257,202.11
Shares Outstanding (M)	350.43	350.43	350.43
Fair Value	$24,109.82	$25,242.14	$26,417.07
Upside / Downside	436.49%	461.69%	487.83%

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Mitsui O.S.K. Lines, Ltd. (9104.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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