DDM Analysis: 6461.T

Valuation Snapshot

Stable Growth	$2,275.30 - $3,402.62	$2,810.55
Multi-Stage	$3,696.52 - $4,061.22	$3,875.35
Blended Fair Value	$3,342.95
Current Price	$1,574.00
Upside	112.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.85%	8.62%	71.34	40.65	56.89	68.40	104.96	68.40	62.77	62.77	52.29	52.16
YoY Growth	-	-	75.47%	-28.54%	-16.82%	-34.84%	53.46%	8.96%	0.00%	20.05%	0.25%	67.21%
Dividend Yield	-	-	4.53%	3.20%	4.42%	5.66%	7.41%	3.01%	2.80%	4.58%	2.27%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,130.00
(-) Cash Dividends Paid (M)	535.00
(=) Cash Retained (M)	1,595.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	426.00	266.25	159.75
Cash Retained (M)	1,595.00	1,595.00	1,595.00
(-) Cash Required (M)	-426.00	-266.25	-159.75
(=) Excess Retained (M)	1,169.00	1,328.75	1,435.25
(/) Shares Outstanding (M)	7.82	7.82	7.82
(=) Excess Retained per Share	149.45	169.87	183.49
LTM Dividend per Share	68.40	68.40	68.40
(+) Excess Retained per Share	149.45	169.87	183.49
(=) Adjusted Dividend	217.84	238.27	251.88
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	-1.09%	-0.09%	0.91%
Fair Value	$2,275.30	$2,810.55	$3,402.62
Upside / Downside	44.56%	78.56%	116.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,130.00	2,128.09	2,126.17	2,124.26	2,122.35	2,120.45	2,184.06
Payout Ratio	25.12%	38.09%	51.07%	64.05%	77.02%	90.00%	92.50%
Projected Dividends (M)	535.00	810.67	1,085.85	1,360.52	1,634.71	1,908.40	2,020.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.38%	8.38%	8.38%
Growth Rate	-1.09%	-0.09%	0.91%
Year 1 PV (M)	740.50	747.99	755.48
Year 2 PV (M)	906.01	924.42	943.02
Year 3 PV (M)	1,036.93	1,068.70	1,101.12
Year 4 PV (M)	1,138.07	1,184.79	1,232.94
Year 5 PV (M)	1,213.61	1,276.21	1,341.37
PV of Terminal Value (M)	23,879.40	25,111.18	26,393.28
Equity Value (M)	28,914.52	30,313.30	31,767.20
Shares Outstanding (M)	7.82	7.82	7.82
Fair Value	$3,696.52	$3,875.35	$4,061.22
Upside / Downside	134.85%	146.21%	158.02%

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Nippon Piston Ring Co., Ltd. (6461.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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