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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Fair Value | $10.38 - $15.72 | $12.47 |
| Upside | -19.3% - 22.3% | -2.9% |
| 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 | 58,214 | 59,611 | 66,749 | 71,870 | 77,189 | 82,019 | 82,019 | |
| % Growth | -48.3% | 2.4% | 12.0% | 7.7% | 7.4% | 6.3% | ||
| Payout Ratio | 100.2% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 58,316 | 58,316 | 60,074 | 64,683 | 69,470 | 73,817 | 75,868 | |
| % Growth | 0.0% | 3.0% | 7.7% | 7.4% | 6.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (JPY in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 55,326 | 54,184 | 53,778 | 57,500 | 58,316 | 57,500 | 58,316 | |
| % Growth | -2% | -1% | 7% | 1% | 1% | |||
| Net Income to Common | 71,935 | 59,790 | 111,007 | 112,697 | 58,214 | 112,697 | 58,214 | |
| % Growth | -17% | 86% | 2% | -48% | -48% | |||
| Payout Ratio | 77% | 91% | 48% | 51% | 100% | 51% | 100% | |
| Retention Ratio | 23% | 9% | 52% | 49% | 0% | 49% | 0% | |
| Adjusted EBITDA | 198,448 | 227,587 | 251,274 | 271,400 | 286,131 | 271,400 | 286,131 | |
| % Growth | 15% | 10% | 8% | 5% | 5% | |||
| Total Debt | 720,778 | 551,472 | 523,120 | 656,398 | 857,569 | 656,398 | 857,569 | |
| Shareholder's Equity | 838,584 | 894,179 | 980,022 | 1,132,581 | 1,181,525 | 1,132,581 | 1,181,525 | |
| Debt / EBITDA | 3.6 | 2.4 | 2.1 | 2.4 | 3.0 | 2.9 | ||
| Debt / Equity | 86% | 62% | 53% | 58% | 73% | 58% | 73% | |
| 3-Yr Avg. Dividend Growth | 2.5% | |||||||
| 5-Yr Median Payout Ratio | 76.9% | |||||||