DDM Analysis: 7456.T

Valuation Snapshot

Stable Growth	$35,515.38 - $83,846.61	$78,576.55
Multi-Stage	$12,187.74 - $13,348.88	$12,757.61
Blended Fair Value	$45,667.08
Current Price	$4,190.00
Upside	989.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.87%	10.18%	65.00	55.27	49.33	42.26	35.47	32.50	29.45	28.45	28.45	27.64
YoY Growth	-	-	17.60%	12.05%	16.71%	19.15%	9.14%	10.35%	3.53%	0.00%	2.93%	12.05%
Dividend Yield	-	-	1.96%	1.87%	2.17%	2.11%	1.65%	2.43%	1.96%	1.74%	1.92%	2.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,923.00
(-) Cash Dividends Paid (M)	1,943.00
(=) Cash Retained (M)	8,980.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,184.60	1,365.38	819.23
Cash Retained (M)	8,980.00	8,980.00	8,980.00
(-) Cash Required (M)	-2,184.60	-1,365.38	-819.23
(=) Excess Retained (M)	6,795.40	7,614.63	8,160.78
(/) Shares Outstanding (M)	25.91	25.91	25.91
(=) Excess Retained per Share	262.29	293.91	314.99
LTM Dividend per Share	75.00	75.00	75.00
(+) Excess Retained per Share	262.29	293.91	314.99
(=) Adjusted Dividend	337.28	368.90	389.98
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35,515.38	$78,576.55	$83,846.61
Upside / Downside	747.62%	1,775.34%	1,901.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,923.00	11,633.00	12,389.14	13,194.43	14,052.07	14,965.46	15,414.42
Payout Ratio	17.79%	32.23%	46.67%	61.12%	75.56%	90.00%	92.50%
Projected Dividends (M)	1,943.00	3,749.38	5,782.37	8,063.81	10,617.41	13,468.91	14,258.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,487.42	3,520.48	3,553.53
Year 2 PV (M)	5,002.61	5,097.90	5,194.08
Year 3 PV (M)	6,488.98	6,675.26	6,865.07
Year 4 PV (M)	7,946.95	8,252.57	8,566.91
Year 5 PV (M)	9,376.91	9,829.82	10,300.06
PV of Terminal Value (M)	283,459.08	297,150.25	311,365.43
Equity Value (M)	315,761.95	330,526.27	345,845.08
Shares Outstanding (M)	25.91	25.91	25.91
Fair Value	$12,187.74	$12,757.61	$13,348.88
Upside / Downside	190.88%	204.48%	218.59%

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MATSUDA SANGYO Co., Ltd. (7456.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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