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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 8.6% - 7.6% | 8.1% |
| Fair Value | ¥1,481 - ¥2,382 | ¥1,823 |
| Upside | 17.8% - 89.4% | 45.0% |
| 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 | 9,286 | 10,083 | 11,430 | 12,435 | 13,595 | 16,468 | 16,468 | |
| % Growth | -3.9% | 8.6% | 13.4% | 8.8% | 9.3% | 21.1% | ||
| Payout Ratio | 124.4% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 11,554 | 11,554 | 10,287 | 11,191 | 12,235 | 14,821 | 15,233 | |
| % Growth | 0.0% | -11.0% | 8.8% | 9.3% | 21.1% | |||
| 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 | 25,670 | 7,756 | 11,518 | 11,547 | 11,554 | 11,547 | 11,554 | |
| % Growth | -70% | 49% | 0% | 0% | 0% | |||
| Net Income to Common | 4,632 | 11,734 | 11,446 | 9,665 | 9,286 | 9,665 | 9,286 | |
| % Growth | 153% | -2% | -16% | -4% | -4% | |||
| Payout Ratio | 554% | 66% | 101% | 119% | 124% | 119% | 124% | |
| Retention Ratio | -454% | 34% | -1% | -19% | -24% | -19% | -24% | |
| Adjusted EBITDA | 21,009 | 24,282 | 21,442 | 23,793 | 22,167 | 23,793 | 22,167 | |
| % Growth | 16% | -12% | 11% | -7% | -7% | |||
| Total Debt | 2,439 | 2,277 | 1,877 | 1,694 | 2,115 | 1,694 | 2,115 | |
| Shareholder's Equity | 169,709 | 173,046 | 171,167 | 168,049 | 164,891 | 168,049 | 164,891 | |
| Debt / EBITDA | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||
| Debt / Equity | 1% | 1% | 1% | 1% | 1% | 1% | 1% | |
| 3-Yr Avg. Dividend Growth | 16.3% | |||||||
| 5-Yr Median Payout Ratio | 119.5% | |||||||