DDM Analysis: 9719.T

Valuation Snapshot

Stable Growth	$12,515.92 - $39,071.47	$36,615.69
Multi-Stage	$5,243.04 - $5,737.06	$5,485.52
Blended Fair Value	$21,050.61
Current Price	$4,429.00
Upside	375.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.50%	15.99%	65.97	53.96	49.28	46.60	43.27	38.28	32.45	31.62	27.45	19.96
YoY Growth	-	-	22.27%	9.48%	5.76%	7.70%	13.03%	17.97%	2.64%	15.16%	37.53%	33.36%
Dividend Yield	-	-	1.52%	1.71%	2.18%	2.03%	1.96%	2.19%	1.79%	1.84%	1.63%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61,413.00
(-) Cash Dividends Paid (M)	22,189.00
(=) Cash Retained (M)	39,224.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,282.60	7,676.63	4,605.98
Cash Retained (M)	39,224.00	39,224.00	39,224.00
(-) Cash Required (M)	-12,282.60	-7,676.63	-4,605.98
(=) Excess Retained (M)	26,941.40	31,547.38	34,618.03
(/) Shares Outstanding (M)	312.59	312.59	312.59
(=) Excess Retained per Share	86.19	100.92	110.74
LTM Dividend per Share	70.98	70.98	70.98
(+) Excess Retained per Share	86.19	100.92	110.74
(=) Adjusted Dividend	157.17	171.90	181.73
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12,515.92	$36,615.69	$39,071.47
Upside / Downside	182.59%	726.73%	782.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61,413.00	65,404.85	69,656.16	74,183.81	79,005.76	84,141.13	86,665.37
Payout Ratio	36.13%	46.90%	57.68%	68.45%	79.23%	90.00%	92.50%
Projected Dividends (M)	22,189.00	30,677.90	40,176.61	50,780.54	62,593.23	75,727.02	80,165.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28,448.30	28,717.95	28,987.60
Year 2 PV (M)	34,548.93	35,206.99	35,871.26
Year 3 PV (M)	40,493.86	41,656.30	42,840.77
Year 4 PV (M)	46,286.03	48,066.06	49,896.95
Year 5 PV (M)	51,928.30	54,436.46	57,040.61
PV of Terminal Value (M)	1,437,238.10	1,506,657.24	1,578,733.21
Equity Value (M)	1,638,943.52	1,714,740.99	1,793,370.39
Shares Outstanding (M)	312.59	312.59	312.59
Fair Value	$5,243.04	$5,485.52	$5,737.06
Upside / Downside	18.38%	23.85%	29.53%

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SCSK Corporation (9719.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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