DDM Analysis: 9691.T

Valuation Snapshot

Stable Growth	$11,913.92 - $33,140.21	$18,481.21
Multi-Stage	$8,207.04 - $8,979.43	$8,586.17
Blended Fair Value	$13,533.69
Current Price	$3,135.00
Upside	331.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	17.17%	0.00%	39.99	39.02	35.82	39.18	33.00	18.10	0.00	0.00	0.00	0.00
YoY Growth	-	-	2.48%	8.92%	-8.57%	18.73%	82.27%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.28%	1.57%	1.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,717.60
(-) Cash Dividends Paid (M)	142.72
(=) Cash Retained (M)	1,574.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	343.52	214.70	128.82
Cash Retained (M)	1,574.88	1,574.88	1,574.88
(-) Cash Required (M)	-343.52	-214.70	-128.82
(=) Excess Retained (M)	1,231.36	1,360.18	1,446.06
(/) Shares Outstanding (M)	3.50	3.50	3.50
(=) Excess Retained per Share	351.95	388.78	413.32
LTM Dividend per Share	40.79	40.79	40.79
(+) Excess Retained per Share	351.95	388.78	413.32
(=) Adjusted Dividend	392.75	429.57	454.11
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.25%	6.25%	7.25%
Fair Value	$11,913.92	$18,481.21	$33,140.21
Upside / Downside	280.03%	489.51%	957.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,717.60	1,824.96	1,939.04	2,060.24	2,189.02	2,325.85	2,395.63
Payout Ratio	8.31%	24.65%	40.99%	57.32%	73.66%	90.00%	92.50%
Projected Dividends (M)	142.72	449.81	794.73	1,181.01	1,612.47	2,093.26	2,215.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	5.25%	6.25%	7.25%
Year 1 PV (M)	409.83	413.73	417.62
Year 2 PV (M)	659.75	672.35	685.07
Year 3 PV (M)	893.30	919.01	945.20
Year 4 PV (M)	1,111.28	1,154.12	1,198.18
Year 5 PV (M)	1,314.43	1,378.07	1,444.15
PV of Terminal Value (M)	24,324.85	25,502.59	26,725.51
Equity Value (M)	28,713.45	30,039.86	31,415.73
Shares Outstanding (M)	3.50	3.50	3.50
Fair Value	$8,207.04	$8,586.17	$8,979.43
Upside / Downside	161.79%	173.88%	186.43%

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Ryomo Systems Co.,Ltd. (9691.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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