DDM Analysis: 8923.T

Valuation Snapshot

Stable Growth	$14,435.43 - $29,023.67	$27,199.43
Multi-Stage	$4,443.11 - $4,865.48	$4,650.40
Blended Fair Value	$15,924.91
Current Price	$1,267.00
Upside	1,156.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.01%	23.59%	32.92	24.84	18.71	9.24	20.59	15.01	12.45	10.95	7.95	5.96
YoY Growth	-	-	32.53%	32.75%	102.44%	-55.12%	37.24%	20.57%	13.70%	37.69%	33.39%	50.52%
Dividend Yield	-	-	2.71%	2.43%	2.54%	1.70%	3.96%	2.58%	2.44%	1.64%	2.08%	1.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,152.99
(-) Cash Dividends Paid (M)	3,828.47
(=) Cash Retained (M)	10,324.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,830.60	1,769.12	1,061.47
Cash Retained (M)	10,324.52	10,324.52	10,324.52
(-) Cash Required (M)	-2,830.60	-1,769.12	-1,061.47
(=) Excess Retained (M)	7,493.93	8,555.40	9,263.05
(/) Shares Outstanding (M)	96.98	96.98	96.98
(=) Excess Retained per Share	77.27	88.22	95.52
LTM Dividend per Share	39.48	39.48	39.48
(+) Excess Retained per Share	77.27	88.22	95.52
(=) Adjusted Dividend	116.75	127.70	134.99
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14,435.43	$27,199.43	$29,023.67
Upside / Downside	1,039.34%	2,046.76%	2,190.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,152.99	15,072.93	16,052.68	17,096.10	18,207.35	19,390.82	19,972.55
Payout Ratio	27.05%	39.64%	52.23%	64.82%	77.41%	90.00%	92.50%
Projected Dividends (M)	3,828.47	5,974.98	8,384.37	11,081.73	14,094.33	17,451.74	18,474.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,565.30	5,618.05	5,670.80
Year 2 PV (M)	7,274.02	7,412.57	7,552.42
Year 3 PV (M)	8,954.96	9,212.02	9,473.96
Year 4 PV (M)	10,608.46	11,016.43	11,436.06
Year 5 PV (M)	12,234.86	12,825.80	13,439.37
PV of Terminal Value (M)	386,248.87	404,904.83	424,274.81
Equity Value (M)	430,886.47	450,989.72	471,847.43
Shares Outstanding (M)	96.98	96.98	96.98
Fair Value	$4,443.11	$4,650.40	$4,865.48
Upside / Downside	250.68%	267.04%	284.02%

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Tosei Corporation (8923.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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