DDM Analysis: 4577.T

Valuation Snapshot

Stable Growth	$1,045.27 - $1,742.68	$1,352.54
Multi-Stage	$1,230.50 - $1,349.16	$1,288.71
Blended Fair Value	$1,320.63
Current Price	$1,232.00
Upside	7.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.73%	7.91%	43.92	39.91	40.97	29.04	28.96	22.09	19.83	18.15	16.51	16.48
YoY Growth	-	-	10.03%	-2.58%	41.06%	0.29%	31.07%	11.39%	9.25%	9.94%	0.18%	-19.64%
Dividend Yield	-	-	3.56%	3.36%	3.58%	2.40%	1.76%	1.41%	1.42%	1.25%	1.31%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,987.00
(-) Cash Dividends Paid (M)	232.00
(=) Cash Retained (M)	1,755.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	397.40	248.38	149.03
Cash Retained (M)	1,755.00	1,755.00	1,755.00
(-) Cash Required (M)	-397.40	-248.38	-149.03
(=) Excess Retained (M)	1,357.60	1,506.63	1,605.98
(/) Shares Outstanding (M)	22.73	22.73	22.73
(=) Excess Retained per Share	59.74	66.30	70.67
LTM Dividend per Share	10.21	10.21	10.21
(+) Excess Retained per Share	59.74	66.30	70.67
(=) Adjusted Dividend	69.95	76.51	80.88
WACC / Discount Rate	8.87%	8.87%	8.87%
Growth Rate	2.05%	3.05%	4.05%
Fair Value	$1,045.27	$1,352.54	$1,742.68
Upside / Downside	-15.16%	9.78%	41.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,987.00	2,047.52	2,109.88	2,174.14	2,240.36	2,308.60	2,377.86
Payout Ratio	11.68%	27.34%	43.01%	58.67%	74.34%	90.00%	92.50%
Projected Dividends (M)	232.00	559.81	907.37	1,275.58	1,665.38	2,077.74	2,199.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.87%	8.87%	8.87%
Growth Rate	2.05%	3.05%	4.05%
Year 1 PV (M)	509.19	514.18	519.17
Year 2 PV (M)	750.69	765.47	780.40
Year 3 PV (M)	959.89	988.39	1,017.45
Year 4 PV (M)	1,139.90	1,185.24	1,231.93
Year 5 PV (M)	1,293.55	1,358.19	1,425.38
PV of Terminal Value (M)	23,310.29	24,475.05	25,685.90
Equity Value (M)	27,963.52	29,286.52	30,660.23
Shares Outstanding (M)	22.73	22.73	22.73
Fair Value	$1,230.50	$1,288.71	$1,349.16
Upside / Downside	-0.12%	4.60%	9.51%

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Daito Pharmaceutical Co.,Ltd. (4577.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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