DDM Analysis: 4203.T

Valuation Snapshot

Stable Growth	$18,571.66 - $43,152.82	$40,440.51
Multi-Stage	$6,412.03 - $7,016.77	$6,708.85
Blended Fair Value	$23,574.68
Current Price	$4,169.00
Upside	465.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.32%	12.64%	87.08	72.08	62.11	49.16	31.06	42.70	34.94	28.48	25.88	26.49
YoY Growth	-	-	20.81%	16.04%	26.33%	58.29%	-27.25%	22.19%	22.71%	10.03%	-2.28%	0.00%
Dividend Yield	-	-	2.09%	1.54%	2.08%	2.42%	1.27%	2.83%	1.79%	1.07%	1.31%	2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,728.00
(-) Cash Dividends Paid (M)	8,574.00
(=) Cash Retained (M)	11,154.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,945.60	2,466.00	1,479.60
Cash Retained (M)	11,154.00	11,154.00	11,154.00
(-) Cash Required (M)	-3,945.60	-2,466.00	-1,479.60
(=) Excess Retained (M)	7,208.40	8,688.00	9,674.40
(/) Shares Outstanding (M)	90.92	90.92	90.92
(=) Excess Retained per Share	79.28	95.56	106.41
LTM Dividend per Share	94.30	94.30	94.30
(+) Excess Retained per Share	79.28	95.56	106.41
(=) Adjusted Dividend	173.59	189.86	200.71
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18,571.66	$40,440.51	$43,152.82
Upside / Downside	345.47%	870.03%	935.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,728.00	21,010.32	22,375.99	23,830.43	25,379.41	27,029.07	27,839.94
Payout Ratio	43.46%	52.77%	62.08%	71.38%	80.69%	90.00%	92.50%
Projected Dividends (M)	8,574.00	11,086.91	13,890.26	17,011.22	20,479.21	24,326.16	25,751.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,313.84	10,411.60	10,509.36
Year 2 PV (M)	12,020.72	12,249.68	12,480.80
Year 3 PV (M)	13,695.10	14,088.24	14,488.83
Year 4 PV (M)	15,337.44	15,927.27	16,533.96
Year 5 PV (M)	16,948.19	17,766.79	18,616.73
PV of Terminal Value (M)	514,659.49	539,517.74	565,327.37
Equity Value (M)	582,974.77	609,961.32	637,957.04
Shares Outstanding (M)	90.92	90.92	90.92
Fair Value	$6,412.03	$6,708.85	$7,016.77
Upside / Downside	53.80%	60.92%	68.31%

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Sumitomo Bakelite Company Limited (4203.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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