DDM Analysis: 3116.T

Valuation Snapshot

Stable Growth	$7,217.05 - $20,689.73	$19,389.00
Multi-Stage	$3,085.85 - $3,372.80	$3,226.70
Blended Fair Value	$11,307.85
Current Price	$1,967.00
Upside	474.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.05%	16.49%	84.98	80.69	69.29	69.28	37.24	57.70	58.58	55.49	36.99	24.64
YoY Growth	-	-	5.32%	16.46%	0.01%	86.03%	-35.45%	-1.50%	5.57%	50.01%	50.09%	33.49%
Dividend Yield	-	-	4.32%	3.76%	2.70%	3.44%	1.62%	3.99%	4.05%	2.72%	1.75%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18,825.00
(-) Cash Dividends Paid (M)	15,357.00
(=) Cash Retained (M)	3,468.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,765.00	2,353.13	1,411.88
Cash Retained (M)	3,468.00	3,468.00	3,468.00
(-) Cash Required (M)	-3,765.00	-2,353.13	-1,411.88
(=) Excess Retained (M)	-297.00	1,114.88	2,056.13
(/) Shares Outstanding (M)	180.65	180.65	180.65
(=) Excess Retained per Share	-1.64	6.17	11.38
LTM Dividend per Share	85.01	85.01	85.01
(+) Excess Retained per Share	-1.64	6.17	11.38
(=) Adjusted Dividend	83.37	91.18	96.39
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.32%	6.32%	7.32%
Fair Value	$7,217.05	$19,389.00	$20,689.73
Upside / Downside	266.91%	885.71%	951.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18,825.00	20,014.93	21,280.08	22,625.20	24,055.34	25,575.88	26,343.16
Payout Ratio	81.58%	83.26%	84.95%	86.63%	88.32%	90.00%	92.50%
Projected Dividends (M)	15,357.00	16,664.86	18,076.71	19,600.45	21,244.60	23,018.30	24,367.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.32%	6.32%	7.32%
Year 1 PV (M)	15,495.11	15,642.23	15,789.36
Year 2 PV (M)	15,628.07	15,926.25	16,227.24
Year 3 PV (M)	15,755.97	16,209.04	16,670.72
Year 4 PV (M)	15,878.91	16,490.62	17,119.83
Year 5 PV (M)	15,996.98	16,770.98	17,574.65
PV of Terminal Value (M)	478,701.51	501,863.01	525,912.47
Equity Value (M)	557,456.54	582,902.12	609,294.27
Shares Outstanding (M)	180.65	180.65	180.65
Fair Value	$3,085.85	$3,226.70	$3,372.80
Upside / Downside	56.88%	64.04%	71.47%

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Toyota Boshoku Corporation (3116.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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