DDM Analysis: 4369.T

Valuation Snapshot

Stable Growth	$19,393.30 - $35,227.18	$33,013.03
Multi-Stage	$5,509.72 - $6,035.38	$5,767.70
Blended Fair Value	$19,390.36
Current Price	$2,993.00
Upside	547.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.74%	52.42%	29.99	29.97	19.99	16.34	13.97	10.77	5.05	3.84	2.39	1.62
YoY Growth	-	-	0.05%	49.92%	22.33%	16.98%	29.77%	113.17%	31.66%	60.82%	47.58%	264.66%
Dividend Yield	-	-	1.18%	0.68%	0.91%	0.68%	0.38%	0.44%	0.35%	0.35%	0.32%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,756.23
(-) Cash Dividends Paid (M)	1,136.42
(=) Cash Retained (M)	4,619.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,151.25	719.53	431.72
Cash Retained (M)	4,619.81	4,619.81	4,619.81
(-) Cash Required (M)	-1,151.25	-719.53	-431.72
(=) Excess Retained (M)	3,468.56	3,900.28	4,188.09
(/) Shares Outstanding (M)	32.50	32.50	32.50
(=) Excess Retained per Share	106.74	120.02	128.88
LTM Dividend per Share	34.97	34.97	34.97
(+) Excess Retained per Share	106.74	120.02	128.88
(=) Adjusted Dividend	141.71	154.99	163.85
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19,393.30	$33,013.03	$35,227.18
Upside / Downside	547.96%	1,003.01%	1,076.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,756.23	6,130.38	6,528.86	6,953.24	7,405.20	7,886.53	8,123.13
Payout Ratio	19.74%	33.79%	47.85%	61.90%	75.95%	90.00%	92.50%
Projected Dividends (M)	1,136.42	2,071.70	3,123.77	4,303.84	5,624.14	7,097.88	7,513.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,931.15	1,949.45	1,967.76
Year 2 PV (M)	2,714.29	2,765.98	2,818.17
Year 3 PV (M)	3,485.96	3,586.03	3,687.99
Year 4 PV (M)	4,246.29	4,409.59	4,577.56
Year 5 PV (M)	4,995.41	5,236.69	5,487.21
PV of Terminal Value (M)	161,675.03	169,484.00	177,591.83
Equity Value (M)	179,048.13	187,431.75	196,130.52
Shares Outstanding (M)	32.50	32.50	32.50
Fair Value	$5,509.72	$5,767.70	$6,035.38
Upside / Downside	84.09%	92.71%	101.65%

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Financial Statements

Fundamentals

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Sector

Tri Chemical Laboratories Inc. (4369.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener