DDM Analysis: 4516.T

Valuation Snapshot

Stable Growth	$38,738.91 - $94,276.70	$88,351.08
Multi-Stage	$13,654.81 - $14,950.93	$14,290.94
Blended Fair Value	$51,321.01
Current Price	$3,333.00
Upside	1,439.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.12%	17.83%	123.88	118.88	115.88	100.89	91.95	83.86	54.88	55.92	31.96	26.99
YoY Growth	-	-	4.21%	2.59%	14.86%	9.73%	9.64%	52.81%	-1.86%	74.93%	18.42%	12.42%
Dividend Yield	-	-	3.94%	3.58%	1.97%	1.22%	1.04%	0.96%	0.69%	0.81%	0.44%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31,945.00
(-) Cash Dividends Paid (M)	8,349.00
(=) Cash Retained (M)	23,596.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,389.00	3,993.13	2,395.88
Cash Retained (M)	23,596.00	23,596.00	23,596.00
(-) Cash Required (M)	-6,389.00	-3,993.13	-2,395.88
(=) Excess Retained (M)	17,207.00	19,602.88	21,200.13
(/) Shares Outstanding (M)	67.39	67.39	67.39
(=) Excess Retained per Share	255.34	290.90	314.60
LTM Dividend per Share	123.90	123.90	123.90
(+) Excess Retained per Share	255.34	290.90	314.60
(=) Adjusted Dividend	379.24	414.79	438.50
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38,738.91	$88,351.08	$94,276.70
Upside / Downside	1,062.28%	2,550.80%	2,728.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31,945.00	34,021.43	36,232.82	38,587.95	41,096.17	43,767.42	45,080.44
Payout Ratio	26.14%	38.91%	51.68%	64.45%	77.23%	90.00%	92.50%
Projected Dividends (M)	8,349.00	13,237.20	18,725.60	24,871.56	31,737.38	39,390.68	41,699.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12,308.80	12,425.47	12,542.14
Year 2 PV (M)	16,191.04	16,499.43	16,810.74
Year 3 PV (M)	19,996.85	20,570.88	21,155.80
Year 4 PV (M)	23,727.34	24,639.83	25,578.38
Year 5 PV (M)	27,383.62	28,706.26	30,079.52
PV of Terminal Value (M)	820,554.39	860,187.48	901,337.41
Equity Value (M)	920,162.04	963,029.35	1,007,504.00
Shares Outstanding (M)	67.39	67.39	67.39
Fair Value	$13,654.81	$14,290.94	$14,950.93
Upside / Downside	309.69%	328.77%	348.57%

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Nippon Shinyaku Co., Ltd. (4516.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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