DDM Analysis: 6101.T

Valuation Snapshot

Stable Growth	$27,595.59 - $55,614.69	$52,119.11
Multi-Stage	$8,476.12 - $9,283.69	$8,872.46
Blended Fair Value	$30,495.78
Current Price	$2,384.00
Upside	1,179.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.31%	10.86%	51.30	48.81	45.01	33.79	26.24	26.28	20.09	20.66	21.85	23.07
YoY Growth	-	-	5.11%	8.45%	33.21%	28.74%	-0.16%	30.81%	-2.76%	-5.42%	-5.31%	26.10%
Dividend Yield	-	-	2.76%	3.11%	3.26%	3.00%	1.54%	2.92%	2.10%	2.10%	2.71%	5.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,235.00
(-) Cash Dividends Paid (M)	2,803.00
(=) Cash Retained (M)	10,432.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,647.00	1,654.38	992.63
Cash Retained (M)	10,432.00	10,432.00	10,432.00
(-) Cash Required (M)	-2,647.00	-1,654.38	-992.63
(=) Excess Retained (M)	7,785.00	8,777.63	9,439.38
(/) Shares Outstanding (M)	47.33	47.33	47.33
(=) Excess Retained per Share	164.49	185.47	199.45
LTM Dividend per Share	59.23	59.23	59.23
(+) Excess Retained per Share	164.49	185.47	199.45
(=) Adjusted Dividend	223.72	244.69	258.67
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27,595.59	$52,119.11	$55,614.69
Upside / Downside	1,057.53%	2,086.20%	2,232.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,235.00	14,095.28	15,011.47	15,987.21	17,026.38	18,133.10	18,677.09
Payout Ratio	21.18%	34.94%	48.71%	62.47%	76.24%	90.00%	92.50%
Projected Dividends (M)	2,803.00	4,925.31	7,311.67	9,987.45	12,980.19	16,319.79	17,276.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,587.51	4,630.99	4,674.48
Year 2 PV (M)	6,343.14	6,463.95	6,585.91
Year 3 PV (M)	8,070.23	8,301.90	8,537.95
Year 4 PV (M)	9,769.13	10,144.83	10,531.25
Year 5 PV (M)	11,440.19	11,992.76	12,566.47
PV of Terminal Value (M)	360,944.17	378,377.90	396,478.87
Equity Value (M)	401,154.36	419,912.33	439,374.94
Shares Outstanding (M)	47.33	47.33	47.33
Fair Value	$8,476.12	$8,872.46	$9,283.69
Upside / Downside	255.54%	272.17%	289.42%

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Tsugami Corporation (6101.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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