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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ¥96.86 - ¥112 | ¥105.94 |
| Adjusted Dividend Yield | 7.7% - 8.9% | 8.4% |
| Perpetuity Growth Rate | 3.8% - 4.3% | 4.0% |
| Discount Rate | 9.4% - 7.4% | 8.4% |
| Fair Value | ¥1,787 - ¥3,736 | ¥2,518 |
| Upside | 41.2% - 195.4% | 99.1% |
| Calculate Adjusted Dividend | ||||||||
| (JPY in millions) | Latest | Notes | ||||||
| Net Income To Common | 666 | |||||||
| (-) Cash Dividends Paid | (226) | |||||||
| (=) Cash Retained | 440 | 66.1% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 666 | 666 | 666 | |||||
| (=) Cash Required | 133 | 83 | 50 | |||||
| Cash Retained | 440 | 440 | 440 | |||||
| (-) Cash Required | (133) | (83) | (50) | |||||
| (=) Excess Retained | 307 | 357 | 390 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (JPY) | 307 | 357 | 390 | |||||
| (/) Shares Outstanding | 5.5 | 5.5 | 5.5 | |||||
| (=) Excess Retained per Share | 55.78 | 64.86 | 70.91 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 41.09 | 41.09 | 41.09 | |||||
| (+) Excess Retained per Share | 55.78 | 64.86 | 70.91 | |||||
| Adjusted Dividend | 96.86 | 105.94 | 112.00 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 105.94 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.4% | 7.9% | 8.4% | 8.9% | 9.4% | |||
| 2.0% | 2,010.43 | 1,839.33 | 1,695.07 | 1,571.79 | 1,465.23 | |||
| 3.0% | 2,494.18 | 2,238.36 | 2,030.14 | 1,857.37 | 1,711.69 | |||
| 4.0% | 3,264.58 | 2,843.35 | 2,518.39 | 2,260.10 | 2,049.85 | |||
| 5.0% | 4,683.75 | 3,869.19 | 3,295.97 | 2,870.69 | 2,542.61 | |||
| 6.0% | NM | 5,989.25 | 4,728.36 | 3,906.03 | 3,327.36 | |||