DDM Analysis: 4471.T

Valuation Snapshot

Stable Growth	$4,714.23 - $6,941.20	$5,783.45
Multi-Stage	$11,685.80 - $12,891.70	$12,276.67
Blended Fair Value	$9,030.06
Current Price	$4,120.00
Upside	119.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.81%	8.55%	169.97	169.70	169.20	164.28	139.37	134.39	114.64	109.58	89.69	79.79
YoY Growth	-	-	0.16%	0.29%	3.00%	17.87%	3.70%	17.23%	4.62%	22.18%	12.41%	6.65%
Dividend Yield	-	-	4.65%	4.22%	3.99%	3.45%	2.58%	2.90%	2.00%	2.28%	1.70%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,629.00
(-) Cash Dividends Paid (M)	3,760.00
(=) Cash Retained (M)	9,869.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,725.80	1,703.63	1,022.18
Cash Retained (M)	9,869.00	9,869.00	9,869.00
(-) Cash Required (M)	-2,725.80	-1,703.63	-1,022.18
(=) Excess Retained (M)	7,143.20	8,165.38	8,846.83
(/) Shares Outstanding (M)	22.12	22.12	22.12
(=) Excess Retained per Share	322.91	369.12	399.92
LTM Dividend per Share	169.97	169.97	169.97
(+) Excess Retained per Share	322.91	369.12	399.92
(=) Adjusted Dividend	492.88	539.09	569.89
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-3.59%	-2.59%	-1.59%
Fair Value	$4,714.23	$5,783.45	$6,941.20
Upside / Downside	14.42%	40.38%	68.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,629.00	13,275.55	12,931.26	12,595.91	12,269.25	11,951.06	12,309.59
Payout Ratio	27.59%	40.07%	52.55%	65.04%	77.52%	90.00%	92.50%
Projected Dividends (M)	3,760.00	5,319.59	6,795.76	8,191.78	9,510.83	10,755.95	11,386.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-3.59%	-2.59%	-1.59%
Year 1 PV (M)	4,944.29	4,995.57	5,046.86
Year 2 PV (M)	5,870.69	5,993.11	6,116.79
Year 3 PV (M)	6,577.41	6,784.22	6,995.32
Year 4 PV (M)	7,097.75	7,396.85	7,705.31
Year 5 PV (M)	7,460.65	7,855.69	8,267.30
PV of Terminal Value (M)	226,555.59	238,551.89	251,051.07
Equity Value (M)	258,506.37	271,577.34	285,182.66
Shares Outstanding (M)	22.12	22.12	22.12
Fair Value	$11,685.80	$12,276.67	$12,891.70
Upside / Downside	183.64%	197.98%	212.91%

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Sanyo Chemical Industries Ltd. (4471.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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