{
  "as_of": "2026-11-04",
  "method": "Revision of the article’s existing illustrative P/E valuation. No DCF or fresh peer-derived multiple is introduced.",
  "period": "FY1/30 earnings at a three-year model horizon in November2029; a valuation horizon, not a share-price deadline.",
  "assumptions": {
    "bear_PE": 18,
    "base_PE": 20,
    "bull_PE": 22,
    "required_annual_return": 0.1,
    "years_discounted": 3,
    "annual_dividend_jpy": 20
  },
  "original_fair_value": 726.120010005155,
  "old_reference_close": 584,
  "old_reference_date": "2026-10-29",
  "reference_close": 579,
  "reference_date": "2026-11-02",
  "quote_source": "https://finance.yahoo.co.jp/quote/6184.T/history",
  "selection_basis": "Retain the previously published18/20/22x illustrative P/E choices and10% hurdle to isolate the earnings revision. These are JII assumptions, not measured peer multiples. A separate sector SOTP valuation has not been commissioned.",
  "cases": {
    "bear": {
      "fy30_basic_eps": 12.964234437642398,
      "fy30_option_adjusted_eps": 12.43956496751723,
      "PE": 18,
      "modeled_equity_value_at_horizon": 223.91216941531013,
      "PV_assumed_dividends": 49.73703981968444,
      "estimated_fair_value": 217.96556680338847,
      "gap_vs_reference_pct": -62.3548243862887
    },
    "base": {
      "fy30_basic_eps": 46.71879350353248,
      "fy30_option_adjusted_eps": 44.82805905636653,
      "PE": 20,
      "modeled_equity_value_at_horizon": 896.5611811273305,
      "PV_assumed_dividends": 49.73703981968444,
      "estimated_fair_value": 723.336725114448,
      "gap_vs_reference_pct": 24.92862264498237
    },
    "bull": {
      "fy30_basic_eps": 78.99788484338586,
      "fy30_option_adjusted_eps": 75.8007983836222,
      "PE": 22,
      "modeled_equity_value_at_horizon": 1667.6175644396883,
      "PV_assumed_dividends": 49.73703981968444,
      "estimated_fair_value": 1302.6427982266625,
      "gap_vs_reference_pct": 124.98148501324052
    }
  }
}