DDM Analysis: 3391.T

Valuation Snapshot

Stable Growth	$22,157.93 - $57,724.20	$54,096.03
Multi-Stage	$8,315.89 - $9,097.14	$8,699.36
Blended Fair Value	$31,397.69
Current Price	$2,250.50
Upside	1,295.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.27%	14.97%	143.62	137.78	99.42	82.95	87.52	73.73	73.59	76.75	57.82	47.07
YoY Growth	-	-	4.23%	38.59%	19.86%	-5.23%	18.71%	0.18%	-4.11%	32.74%	22.83%	32.22%
Dividend Yield	-	-	6.38%	8.06%	4.66%	5.35%	3.16%	2.60%	3.18%	3.02%	2.21%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,365.00
(-) Cash Dividends Paid (M)	14,035.00
(=) Cash Retained (M)	14,330.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,673.00	3,545.63	2,127.38
Cash Retained (M)	14,330.00	14,330.00	14,330.00
(-) Cash Required (M)	-5,673.00	-3,545.63	-2,127.38
(=) Excess Retained (M)	8,657.00	10,784.38	12,202.63
(/) Shares Outstanding (M)	97.72	97.72	97.72
(=) Excess Retained per Share	88.59	110.35	124.87
LTM Dividend per Share	143.62	143.62	143.62
(+) Excess Retained per Share	88.59	110.35	124.87
(=) Adjusted Dividend	232.20	253.97	268.48
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22,157.93	$54,096.03	$57,724.20
Upside / Downside	884.58%	2,303.73%	2,464.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,365.00	30,208.73	32,172.29	34,263.49	36,490.62	38,862.51	40,028.38
Payout Ratio	49.48%	57.58%	65.69%	73.79%	81.90%	90.00%	92.50%
Projected Dividends (M)	14,035.00	17,395.39	21,133.33	25,283.71	29,884.36	34,976.26	37,026.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,164.31	16,317.52	16,470.74
Year 2 PV (M)	18,247.94	18,595.51	18,946.36
Year 3 PV (M)	20,286.62	20,868.97	21,462.37
Year 4 PV (M)	22,281.04	23,137.91	24,019.26
Year 5 PV (M)	24,231.92	25,402.33	26,617.54
PV of Terminal Value (M)	711,457.44	745,821.10	781,499.94
Equity Value (M)	812,669.27	850,143.35	889,016.20
Shares Outstanding (M)	97.72	97.72	97.72
Fair Value	$8,315.89	$8,699.36	$9,097.14
Upside / Downside	269.51%	286.55%	304.23%

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Tsuruha Holdings Inc. (3391.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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