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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ¥182.66 - ¥211.20 | ¥199.78 |
| Adjusted Dividend Yield | 4.9% - 5.7% | 5.4% |
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 12.1% - 10.1% | 11.1% |
| Fair Value | ¥3,303 - ¥6,680 | ¥4,600 |
| Upside | -10.8% - 80.3% | 24.2% |
| Calculate Adjusted Dividend | ||||||||
| (JPY in millions) | Latest | Notes | ||||||
| Net Income To Common | 8,811 | |||||||
| (-) Cash Dividends Paid | (1,273) | |||||||
| (=) Cash Retained | 7,538 | 85.6% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 8,811 | 8,811 | 8,811 | |||||
| (=) Cash Required | 1,762 | 1,101 | 661 | |||||
| Cash Retained | 7,538 | 7,538 | 7,538 | |||||
| (-) Cash Required | (1,762) | (1,101) | (661) | |||||
| (=) Excess Retained | 5,776 | 6,437 | 6,877 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (JPY) | 5,776 | 6,437 | 6,877 | |||||
| (/) Shares Outstanding | 38.6 | 38.6 | 38.6 | |||||
| (=) Excess Retained per Share | 149.67 | 166.79 | 178.21 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 32.99 | 32.99 | 32.99 | |||||
| (+) Excess Retained per Share | 149.67 | 166.79 | 178.21 | |||||
| Adjusted Dividend | 182.66 | 199.78 | 211.20 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 199.78 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 10.1% | 10.6% | 11.1% | 11.6% | 12.1% | |||
| 4.5% | 3,711.49 | 3,408.51 | 3,151.26 | 2,930.12 | 2,737.98 | |||
| 5.5% | 4,557.17 | 4,112.57 | 3,747.01 | 3,441.13 | 3,181.42 | |||
| 6.5% | 5,869.43 | 5,157.98 | 4,600.36 | 4,151.55 | 3,782.52 | |||
| 7.5% | 8,181.51 | 6,872.47 | 5,924.54 | 5,206.42 | 4,643.56 | |||
| 8.5% | 13,339.23 | 10,200.59 | 8,257.62 | 6,936.40 | 5,979.65 | |||