DDM Analysis: 4687.T

Valuation Snapshot

Stable Growth	$1,428.99 - $2,967.62	$2,013.34
Multi-Stage	$1,048.07 - $1,144.79	$1,095.55
Blended Fair Value	$1,554.45
Current Price	$1,341.00
Upside	15.92%
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	16.34%	22.36%	24.36	15.40	23.29	12.47	12.47	11.43	9.09	8.18	5.11	3.58
YoY Growth	-	-	58.12%	-33.85%	86.77%	0.00%	9.09%	25.71%	11.19%	60.00%	42.86%	10.53%
Dividend Yield	-	-	1.82%	1.27%	2.59%	2.35%	2.50%	2.29%	2.07%	1.98%	1.62%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,689.10
(-) Cash Dividends Paid (M)	573.93
(=) Cash Retained (M)	3,115.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	737.82	461.14	276.68
Cash Retained (M)	3,115.16	3,115.16	3,115.16
(-) Cash Required (M)	-737.82	-461.14	-276.68
(=) Excess Retained (M)	2,377.35	2,654.03	2,838.48
(/) Shares Outstanding (M)	47.14	47.14	47.14
(=) Excess Retained per Share	50.43	56.30	60.22
LTM Dividend per Share	12.18	12.18	12.18
(+) Excess Retained per Share	50.43	56.30	60.22
(=) Adjusted Dividend	62.61	68.48	72.39
WACC / Discount Rate	10.12%	10.12%	10.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,428.99	$2,013.34	$2,967.62
Upside / Downside	6.56%	50.14%	121.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,689.10	3,928.89	4,184.26	4,456.24	4,745.90	5,054.38	5,206.01
Payout Ratio	15.56%	30.45%	45.33%	60.22%	75.11%	90.00%	92.50%
Projected Dividends (M)	573.93	1,196.19	1,896.92	2,683.68	3,564.72	4,548.94	4,815.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.12%	10.12%	10.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,076.04	1,086.24	1,096.44
Year 2 PV (M)	1,534.98	1,564.22	1,593.73
Year 3 PV (M)	1,953.50	2,009.58	2,066.72
Year 4 PV (M)	2,334.18	2,423.94	2,516.27
Year 5 PV (M)	2,679.46	2,808.88	2,943.25
PV of Terminal Value (M)	39,825.25	41,748.82	43,746.02
Equity Value (M)	49,403.40	51,641.67	53,962.42
Shares Outstanding (M)	47.14	47.14	47.14
Fair Value	$1,048.07	$1,095.55	$1,144.79
Upside / Downside	-21.84%	-18.30%	-14.63%

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TDC SOFT Inc. (4687.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener