DDM Analysis: 4704.T

Valuation Snapshot

Stable Growth	$10,186.06 - $52,436.16	$20,740.01
Multi-Stage	$5,841.45 - $6,377.78	$6,104.76
Blended Fair Value	$13,422.38
Current Price	$8,100.00
Upside	65.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.36%	19.83%	727.80	153.12	200.61	156.97	163.86	166.23	149.57	141.20	109.55	112.16
YoY Growth	-	-	375.31%	-23.67%	27.80%	-4.21%	-1.42%	11.14%	5.93%	28.89%	-2.32%	-5.90%
Dividend Yield	-	-	7.27%	1.99%	3.10%	2.19%	2.96%	3.11%	2.77%	2.22%	2.21%	2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,883.00
(-) Cash Dividends Paid (M)	23,490.00
(=) Cash Retained (M)	11,393.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,976.60	4,360.38	2,616.23
Cash Retained (M)	11,393.00	11,393.00	11,393.00
(-) Cash Required (M)	-6,976.60	-4,360.38	-2,616.23
(=) Excess Retained (M)	4,416.40	7,032.63	8,776.78
(/) Shares Outstanding (M)	132.30	132.30	132.30
(=) Excess Retained per Share	33.38	53.16	66.34
LTM Dividend per Share	177.55	177.55	177.55
(+) Excess Retained per Share	33.38	53.16	66.34
(=) Adjusted Dividend	210.93	230.71	243.89
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,186.06	$20,740.01	$52,436.16
Upside / Downside	25.75%	156.05%	547.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,883.00	37,150.40	39,565.17	42,136.91	44,875.81	47,792.73	49,226.52
Payout Ratio	67.34%	71.87%	76.40%	80.94%	85.47%	90.00%	92.50%
Projected Dividends (M)	23,490.00	26,700.55	30,229.23	34,103.82	38,354.40	43,013.46	45,534.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24,562.31	24,795.13	25,027.94
Year 2 PV (M)	25,581.44	26,068.69	26,560.54
Year 3 PV (M)	26,549.11	27,311.24	28,087.81
Year 4 PV (M)	27,466.98	28,523.29	29,609.77
Year 5 PV (M)	28,336.69	29,705.36	31,126.42
PV of Terminal Value (M)	640,333.26	671,261.59	703,373.63
Equity Value (M)	772,829.79	807,665.30	843,786.12
Shares Outstanding (M)	132.30	132.30	132.30
Fair Value	$5,841.45	$6,104.76	$6,377.78
Upside / Downside	-27.88%	-24.63%	-21.26%

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Trend Micro Incorporated (4704.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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