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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ¥215.30 - ¥248.94 | ¥235.48 |
| Adjusted Dividend Yield | 2.7% - 3.1% | 2.9% |
| Perpetuity Growth Rate | 2.8% - 3.3% | 3.0% |
| Discount Rate | 9.7% - 7.8% | 8.8% |
| Fair Value | ¥3,160 - ¥5,712 | ¥4,218 |
| Upside | -60.7% - -29.1% | -47.6% |
| Calculate Adjusted Dividend | ||||||||
| (JPY in millions) | Latest | Notes | ||||||
| Net Income To Common | 42,162 | |||||||
| (-) Cash Dividends Paid | (7,679) | |||||||
| (=) Cash Retained | 34,483 | 81.8% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 42,162 | 42,162 | 42,162 | |||||
| (=) Cash Required | 8,432 | 5,270 | 3,162 | |||||
| Cash Retained | 34,483 | 34,483 | 34,483 | |||||
| (-) Cash Required | (8,432) | (5,270) | (3,162) | |||||
| (=) Excess Retained | 26,051 | 29,213 | 31,321 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (JPY) | 26,051 | 29,213 | 31,321 | |||||
| (/) Shares Outstanding | 156.7 | 156.7 | 156.7 | |||||
| (=) Excess Retained per Share | 166.28 | 186.47 | 199.92 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 49.02 | 49.02 | 49.02 | |||||
| (+) Excess Retained per Share | 166.28 | 186.47 | 199.92 | |||||
| Adjusted Dividend | 215.30 | 235.48 | 248.94 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 235.48 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.8% | 8.3% | 8.8% | 9.3% | 9.8% | |||
| 1.0% | 3,523.52 | 3,280.52 | 3,068.88 | 2,882.88 | 2,718.15 | |||
| 2.0% | 4,177.26 | 3,843.08 | 3,558.41 | 3,313.00 | 3,099.26 | |||
| 3.0% | 5,106.26 | 4,619.95 | 4,218.22 | 3,880.76 | 3,593.30 | |||
| 4.0% | 6,530.73 | 5,762.41 | 5,155.84 | 4,664.81 | 4,259.17 | |||
| 5.0% | 8,991.17 | 7,607.91 | 6,593.52 | 5,817.82 | 5,205.41 | |||