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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ¥207.62 - ¥240.06 | ¥227.08 |
| Adjusted Dividend Yield | 4.1% - 4.8% | 4.5% |
| Perpetuity Growth Rate | 4.3% - 4.8% | 4.5% |
| Discount Rate | 8.5% - 6.5% | 7.5% |
| Fair Value | ¥5,093 - ¥14,369 | ¥7,910 |
| Upside | 1.3% - 186.0% | 57.4% |
| Calculate Adjusted Dividend | ||||||||
| (JPY in millions) | Latest | Notes | ||||||
| Net Income To Common | 169,794 | |||||||
| (-) Cash Dividends Paid | (39,323) | |||||||
| (=) Cash Retained | 130,471 | 76.8% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 169,794 | 169,794 | 169,794 | |||||
| (=) Cash Required | 33,959 | 21,224 | 12,735 | |||||
| Cash Retained | 130,471 | 130,471 | 130,471 | |||||
| (-) Cash Required | (33,959) | (21,224) | (12,735) | |||||
| (=) Excess Retained | 96,512 | 109,247 | 117,736 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (JPY) | 96,512 | 109,247 | 117,736 | |||||
| (/) Shares Outstanding | 654.3 | 654.3 | 654.3 | |||||
| (=) Excess Retained per Share | 147.51 | 166.98 | 179.95 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 60.10 | 60.10 | 60.10 | |||||
| (+) Excess Retained per Share | 147.51 | 166.98 | 179.95 | |||||
| Adjusted Dividend | 207.62 | 227.08 | 240.06 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 227.08 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 6.5% | 7.0% | 7.5% | 8.0% | 8.5% | |||
| 2.5% | 5,818.90 | 5,172.36 | 4,655.12 | 4,231.93 | 3,879.27 | |||
| 3.5% | 7,834.23 | 6,715.05 | 5,875.67 | 5,222.82 | 4,700.54 | |||
| 4.5% | 11,864.88 | 9,491.91 | 7,909.92 | 6,779.93 | 5,932.44 | |||
| 5.5% | 23,956.84 | 15,971.23 | 11,978.42 | 9,582.74 | 7,985.61 | |||
| 6.5% | NM | NM | 24,183.92 | 16,122.61 | 12,091.96 | |||