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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.3% - 4.8% | 4.5% |
| Discount Rate | 8.1% - 7.1% | 7.6% |
| Fair Value | €20.32 - €33.11 | €25.18 |
| Upside | 52.8% - 148.9% | 89.3% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (JPY in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 59,870 | 57,938 | 56,013 | 70,036 | 81,598 | 88,400 | 88,400 | |
| % Growth | -26.3% | -3.2% | -3.3% | 25.0% | 16.5% | 8.3% | ||
| Payout Ratio | 51.6% | 59.0% | 67.0% | 75.0% | 83.0% | 90.0% | 92.5% | |
| Projected Dividends | 30,895 | 34,183 | 37,529 | 52,527 | 67,726 | 79,560 | 81,770 | |
| % Growth | 10.6% | 9.8% | 40.0% | 28.9% | 17.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (JPY in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 23,631 | 24,176 | 25,258 | 29,027 | 30,895 | 15,591 | 15,177 | |
| % Growth | 2% | 4% | 15% | 6% | -3% | |||
| Net Income to Common | 47,027 | 52,347 | 53,573 | 81,188 | 59,870 | 14,632 | 6,167 | |
| % Growth | 11% | 2% | 52% | -26% | -58% | |||
| Payout Ratio | 50% | 46% | 47% | 36% | 52% | 107% | 246% | |
| Retention Ratio | 50% | 54% | 53% | 64% | 48% | -7% | -146% | |
| Adjusted EBITDA | 74,707 | 79,861 | 96,900 | 113,035 | 114,991 | 21,970 | 15,638 | |
| % Growth | 7% | 21% | 17% | 2% | -29% | |||
| Total Debt | 779 | 0 | 21,639 | 19,301 | 0 | 0 | 22,493 | |
| Shareholder's Equity | 698,396 | 737,162 | 762,826 | 836,418 | 850,811 | 843,969 | 831,421 | |
| Debt / EBITDA | 0.0 | 0.0 | 0.2 | 0.2 | 0.0 | 0.2 | ||
| Debt / Equity | 0% | 0% | 3% | 2% | 0% | 0% | 3% | |
| 3-Yr Avg. Dividend Growth | 8.6% | |||||||
| 5-Yr Median Payout Ratio | 47.1% | |||||||