DDM Analysis: 1946.T

Valuation Snapshot

Stable Growth	$4,337.34 - $14,426.17	$7,073.30
Multi-Stage	$4,525.96 - $4,969.15	$4,743.37
Blended Fair Value	$5,908.33
Current Price	$1,398.00
Upside	322.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.58%	14.84%	48.15	22.12	27.12	26.13	27.14	29.12	19.09	18.09	14.09	10.06
YoY Growth	-	-	117.67%	-18.43%	3.79%	-3.73%	-6.80%	52.51%	5.54%	28.44%	40.04%	-16.68%
Dividend Yield	-	-	3.94%	1.86%	3.77%	3.73%	3.76%	3.91%	3.03%	2.72%	2.02%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,117.00
(-) Cash Dividends Paid (M)	1,307.00
(=) Cash Retained (M)	13,810.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,023.40	1,889.63	1,133.78
Cash Retained (M)	13,810.00	13,810.00	13,810.00
(-) Cash Required (M)	-3,023.40	-1,889.63	-1,133.78
(=) Excess Retained (M)	10,786.60	11,920.38	12,676.23
(/) Shares Outstanding (M)	92.85	92.85	92.85
(=) Excess Retained per Share	116.17	128.38	136.52
LTM Dividend per Share	14.08	14.08	14.08
(+) Excess Retained per Share	116.17	128.38	136.52
(=) Adjusted Dividend	130.24	142.45	150.59
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	3.16%	4.16%	5.16%
Fair Value	$4,337.34	$7,073.30	$14,426.17
Upside / Downside	210.25%	405.96%	931.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,117.00	15,746.08	16,401.34	17,083.87	17,794.80	18,535.32	19,091.38
Payout Ratio	8.65%	24.92%	41.19%	57.46%	73.73%	90.00%	92.50%
Projected Dividends (M)	1,307.00	3,923.41	6,755.31	9,816.11	13,119.96	16,681.79	17,659.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	3.16%	4.16%	5.16%
Year 1 PV (M)	3,656.85	3,692.30	3,727.75
Year 2 PV (M)	5,868.58	5,982.91	6,098.34
Year 3 PV (M)	7,948.24	8,181.63	8,419.54
Year 4 PV (M)	9,901.66	10,291.21	10,692.14
Year 5 PV (M)	11,734.43	12,314.31	12,916.88
PV of Terminal Value (M)	381,143.17	399,977.95	419,550.07
Equity Value (M)	420,252.95	440,440.30	461,404.72
Shares Outstanding (M)	92.85	92.85	92.85
Fair Value	$4,525.96	$4,743.37	$4,969.15
Upside / Downside	223.75%	239.30%	255.45%

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Toenec Corporation (1946.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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