DDM Analysis: 4704.T

Valuation Snapshot

Stable Growth	$10,181.11 - $52,436.16	$20,721.42
Multi-Stage	$5,840.08 - $6,376.27	$6,103.32
Blended Fair Value	$13,412.37
Current Price	$8,100.00
Upside	65.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.36%	19.83%	727.80	153.12	200.61	156.97	163.86	166.23	149.57	141.20	109.55	112.16
YoY Growth	-	-	375.31%	-23.67%	27.80%	-4.21%	-1.42%	11.14%	5.93%	28.89%	-2.32%	-5.90%
Dividend Yield	-	-	7.27%	1.99%	3.10%	2.19%	2.96%	3.11%	2.77%	2.22%	2.21%	2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,883.00
(-) Cash Dividends Paid (M)	23,490.00
(=) Cash Retained (M)	11,393.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,976.60	4,360.38	2,616.23
Cash Retained (M)	11,393.00	11,393.00	11,393.00
(-) Cash Required (M)	-6,976.60	-4,360.38	-2,616.23
(=) Excess Retained (M)	4,416.40	7,032.63	8,776.78
(/) Shares Outstanding (M)	132.30	132.30	132.30
(=) Excess Retained per Share	33.38	53.16	66.34
LTM Dividend per Share	177.55	177.55	177.55
(+) Excess Retained per Share	33.38	53.16	66.34
(=) Adjusted Dividend	210.93	230.71	243.89
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,181.11	$20,721.42	$52,436.16
Upside / Downside	25.69%	155.82%	547.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,883.00	37,150.40	39,565.17	42,136.91	44,875.81	47,792.73	49,226.52
Payout Ratio	67.34%	71.87%	76.40%	80.94%	85.47%	90.00%	92.50%
Projected Dividends (M)	23,490.00	26,700.55	30,229.23	34,103.82	38,354.40	43,013.46	45,534.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24,562.07	24,794.88	25,027.70
Year 2 PV (M)	25,580.93	26,068.18	26,560.02
Year 3 PV (M)	26,548.32	27,310.43	28,086.98
Year 4 PV (M)	27,465.90	28,522.16	29,608.60
Year 5 PV (M)	28,335.29	29,703.90	31,124.88
PV of Terminal Value (M)	640,156.40	671,076.20	703,179.36
Equity Value (M)	772,648.91	807,475.74	843,587.54
Shares Outstanding (M)	132.30	132.30	132.30
Fair Value	$5,840.08	$6,103.32	$6,376.27
Upside / Downside	-27.90%	-24.65%	-21.28%

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Trend Micro Incorporated (4704.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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