DDM Analysis: 6201.T

Valuation Snapshot

Stable Growth	$5,227.43 - $7,525.16	$6,348.01
Multi-Stage	$4,681.23 - $5,074.60	$4,874.54
Blended Fair Value	$5,611.27
Current Price	$16,640.00
Upside	-66.28%
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	11.69%	10.65%	285.91	205.64	185.07	164.51	154.23	164.51	159.37	138.81	124.55	124.84
YoY Growth	-	-	39.04%	11.11%	12.50%	6.66%	-6.25%	3.22%	14.82%	11.45%	-0.24%	20.11%
Dividend Yield	-	-	1.75%	1.50%	1.80%	1.96%	1.60%	2.88%	2.64%	2.24%	2.11%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	206,008.00
(-) Cash Dividends Paid (M)	85,066.00
(=) Cash Retained (M)	120,942.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41,201.60	25,751.00	15,450.60
Cash Retained (M)	120,942.00	120,942.00	120,942.00
(-) Cash Required (M)	-41,201.60	-25,751.00	-15,450.60
(=) Excess Retained (M)	79,740.40	95,191.00	105,491.40
(/) Shares Outstanding (M)	301.97	301.97	301.97
(=) Excess Retained per Share	264.07	315.24	349.35
LTM Dividend per Share	281.71	281.71	281.71
(+) Excess Retained per Share	264.07	315.24	349.35
(=) Adjusted Dividend	545.78	596.94	631.05
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,227.43	$6,348.01	$7,525.16
Upside / Downside	-68.59%	-61.85%	-54.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	206,008.00	219,398.52	233,659.42	248,847.29	265,022.36	282,248.81	290,716.28
Payout Ratio	41.29%	51.03%	60.78%	70.52%	80.26%	90.00%	92.50%
Projected Dividends (M)	85,066.00	111,967.97	142,007.78	175,479.71	212,703.01	254,023.93	268,912.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	95,195.25	96,097.58	96,999.90
Year 2 PV (M)	102,649.11	104,604.28	106,577.91
Year 3 PV (M)	107,842.87	110,938.65	114,093.12
Year 4 PV (M)	111,137.26	115,411.28	119,807.42
Year 5 PV (M)	112,844.97	118,295.42	123,954.48
PV of Terminal Value (M)	883,907.66	926,600.73	970,927.77
Equity Value (M)	1,413,577.12	1,471,947.95	1,532,360.59
Shares Outstanding (M)	301.97	301.97	301.97
Fair Value	$4,681.23	$4,874.54	$5,074.60
Upside / Downside	-71.87%	-70.71%	-69.50%

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Financial Statements

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Ticker

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Sector

Toyota Industries Corporation (6201.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener