DDM Analysis: 4543.T

Valuation Snapshot

Stable Growth	$2,445.26 - $8,339.54	$4,013.29
Multi-Stage	$1,580.85 - $1,727.52	$1,652.85
Blended Fair Value	$2,833.07
Current Price	$2,443.00
Upside	15.97%
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	11.68%	12.46%	24.13	21.69	18.90	15.89	14.33	13.89	13.25	10.73	9.84	8.94
YoY Growth	-	-	11.28%	14.73%	18.95%	10.87%	3.16%	4.87%	23.46%	9.10%	9.98%	19.87%
Dividend Yield	-	-	0.91%	0.85%	0.83%	0.78%	0.64%	0.68%	0.81%	0.68%	0.89%	0.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130,671.00
(-) Cash Dividends Paid (M)	38,460.00
(=) Cash Retained (M)	92,211.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26,134.20	16,333.88	9,800.33
Cash Retained (M)	92,211.00	92,211.00	92,211.00
(-) Cash Required (M)	-26,134.20	-16,333.88	-9,800.33
(=) Excess Retained (M)	66,076.80	75,877.13	82,410.68
(/) Shares Outstanding (M)	1,476.07	1,476.07	1,476.07
(=) Excess Retained per Share	44.77	51.40	55.83
LTM Dividend per Share	26.06	26.06	26.06
(+) Excess Retained per Share	44.77	51.40	55.83
(=) Adjusted Dividend	70.82	77.46	81.89
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,445.26	$4,013.29	$8,339.54
Upside / Downside	0.09%	64.28%	241.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130,671.00	139,164.62	148,210.31	157,843.99	168,103.84	179,030.59	184,401.51
Payout Ratio	29.43%	41.55%	53.66%	65.77%	77.89%	90.00%	92.50%
Projected Dividends (M)	38,460.00	57,817.55	79,529.09	103,818.85	130,930.27	161,127.53	170,571.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52,760.69	53,260.80	53,760.90
Year 2 PV (M)	66,225.86	67,487.28	68,760.60
Year 3 PV (M)	78,891.22	81,155.90	83,463.51
Year 4 PV (M)	90,791.11	94,282.68	97,874.00
Year 5 PV (M)	101,958.59	106,883.23	111,996.35
PV of Terminal Value (M)	1,942,822.32	2,036,661.36	2,134,091.85
Equity Value (M)	2,333,449.79	2,439,731.25	2,549,947.20
Shares Outstanding (M)	1,476.07	1,476.07	1,476.07
Fair Value	$1,580.85	$1,652.85	$1,727.52
Upside / Downside	-35.29%	-32.34%	-29.29%

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Terumo Corporation (4543.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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