DDM Analysis: 4540.T

Valuation Snapshot

Stable Growth	$29,681.15 - $72,362.00	$67,813.79
Multi-Stage	$10,558.86 - $11,556.34	$11,048.44
Blended Fair Value	$39,431.11
Current Price	$3,621.00
Upside	988.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.00%	7.17%	119.78	68.06	65.01	65.01	65.01	65.02	64.97	58.48	59.46	59.95
YoY Growth	-	-	75.99%	4.70%	0.00%	0.00%	-0.02%	0.08%	11.10%	-1.65%	-0.82%	0.00%
Dividend Yield	-	-	3.45%	1.65%	2.44%	2.13%	1.86%	2.31%	2.11%	1.63%	1.30%	2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,403.00
(-) Cash Dividends Paid (M)	10,382.00
(=) Cash Retained (M)	17,021.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,480.60	3,425.38	2,055.23
Cash Retained (M)	17,021.00	17,021.00	17,021.00
(-) Cash Required (M)	-5,480.60	-3,425.38	-2,055.23
(=) Excess Retained (M)	11,540.40	13,595.63	14,965.78
(/) Shares Outstanding (M)	75.31	75.31	75.31
(=) Excess Retained per Share	153.23	180.52	198.72
LTM Dividend per Share	137.85	137.85	137.85
(+) Excess Retained per Share	153.23	180.52	198.72
(=) Adjusted Dividend	291.09	318.37	336.57
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29,681.15	$67,813.79	$72,362.00
Upside / Downside	719.69%	1,772.79%	1,898.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,403.00	29,184.20	31,081.17	33,101.44	35,253.04	37,544.48	38,670.82
Payout Ratio	37.89%	48.31%	58.73%	69.15%	79.58%	90.00%	92.50%
Projected Dividends (M)	10,382.00	14,098.62	18,254.53	22,891.15	28,053.41	33,790.04	35,770.51

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)	13,109.57	13,233.83	13,358.10
Year 2 PV (M)	15,783.19	16,083.81	16,387.27
Year 3 PV (M)	18,403.63	18,931.94	19,470.25
Year 4 PV (M)	20,971.69	21,778.21	22,607.76
Year 5 PV (M)	23,488.14	24,622.62	25,800.53
PV of Terminal Value (M)	703,459.35	737,436.70	772,714.45
Equity Value (M)	795,215.58	832,087.12	870,338.36
Shares Outstanding (M)	75.31	75.31	75.31
Fair Value	$10,558.86	$11,048.44	$11,556.34
Upside / Downside	191.60%	205.12%	219.15%

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Tsumura & Co. (4540.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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