DDM Analysis: 4617.T

Valuation Snapshot

Stable Growth	$19,514.76 - $45,343.61	$42,493.60
Multi-Stage	$6,732.92 - $7,368.18	$7,044.72
Blended Fair Value	$24,769.16
Current Price	$2,708.00
Upside	814.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.84%	17.33%	85.84	51.90	35.72	36.61	39.63	41.15	46.33	25.07	22.59	21.36
YoY Growth	-	-	65.41%	45.29%	-2.42%	-7.63%	-3.68%	-11.19%	84.79%	10.98%	5.76%	23.00%
Dividend Yield	-	-	3.17%	2.59%	2.95%	4.16%	4.62%	5.14%	4.85%	2.27%	2.61%	3.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,304.00
(-) Cash Dividends Paid (M)	4,795.00
(=) Cash Retained (M)	6,509.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,260.80	1,413.00	847.80
Cash Retained (M)	6,509.00	6,509.00	6,509.00
(-) Cash Required (M)	-2,260.80	-1,413.00	-847.80
(=) Excess Retained (M)	4,248.20	5,096.00	5,661.20
(/) Shares Outstanding (M)	49.58	49.58	49.58
(=) Excess Retained per Share	85.69	102.79	114.19
LTM Dividend per Share	96.71	96.71	96.71
(+) Excess Retained per Share	85.69	102.79	114.19
(=) Adjusted Dividend	182.40	199.50	210.90
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19,514.76	$42,493.60	$45,343.61
Upside / Downside	620.63%	1,469.19%	1,574.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,304.00	12,038.76	12,821.28	13,654.66	14,542.22	15,487.46	15,952.08
Payout Ratio	42.42%	51.93%	61.45%	70.97%	80.48%	90.00%	92.50%
Projected Dividends (M)	4,795.00	6,252.32	7,878.83	9,690.37	11,704.12	13,938.71	14,755.68

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)	5,816.36	5,871.49	5,926.62
Year 2 PV (M)	6,818.38	6,948.26	7,079.35
Year 3 PV (M)	7,801.36	8,025.30	8,253.50
Year 4 PV (M)	8,765.54	9,102.64	9,449.36
Year 5 PV (M)	9,711.19	10,180.25	10,667.25
PV of Terminal Value (M)	294,897.38	309,141.04	323,929.83
Equity Value (M)	333,810.21	349,268.97	365,305.92
Shares Outstanding (M)	49.58	49.58	49.58
Fair Value	$6,732.92	$7,044.72	$7,368.18
Upside / Downside	148.63%	160.14%	172.09%

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Chugoku Marine Paints, Ltd. (4617.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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