DDM Analysis: 4203.T

Valuation Snapshot

Stable Growth	$27,900.93 - $43,152.82	$40,440.51
Multi-Stage	$7,108.66 - $7,781.80	$7,439.04
Blended Fair Value	$23,939.77
Current Price	$4,169.00
Upside	474.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.32%	12.64%	87.08	72.08	62.11	49.16	31.06	42.70	34.94	28.48	25.88	26.49
YoY Growth	-	-	20.81%	16.04%	26.33%	58.29%	-27.25%	22.19%	22.71%	10.03%	-2.28%	0.00%
Dividend Yield	-	-	2.09%	1.54%	2.08%	2.42%	1.27%	2.83%	1.79%	1.07%	1.31%	2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,728.00
(-) Cash Dividends Paid (M)	8,574.00
(=) Cash Retained (M)	11,154.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,945.60	2,466.00	1,479.60
Cash Retained (M)	11,154.00	11,154.00	11,154.00
(-) Cash Required (M)	-3,945.60	-2,466.00	-1,479.60
(=) Excess Retained (M)	7,208.40	8,688.00	9,674.40
(/) Shares Outstanding (M)	90.92	90.92	90.92
(=) Excess Retained per Share	79.28	95.56	106.41
LTM Dividend per Share	94.30	94.30	94.30
(+) Excess Retained per Share	79.28	95.56	106.41
(=) Adjusted Dividend	173.59	189.86	200.71
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27,900.93	$40,440.51	$43,152.82
Upside / Downside	569.25%	870.03%	935.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,728.00	21,010.32	22,375.99	23,830.43	25,379.41	27,029.07	27,839.94
Payout Ratio	43.46%	52.77%	62.08%	71.38%	80.69%	90.00%	92.50%
Projected Dividends (M)	8,574.00	11,086.91	13,890.26	17,011.22	20,479.21	24,326.16	25,751.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10,345.87	10,443.94	10,542.00
Year 2 PV (M)	12,095.51	12,325.89	12,558.45
Year 3 PV (M)	13,823.11	14,219.92	14,624.25
Year 4 PV (M)	15,528.88	16,126.08	16,740.34
Year 5 PV (M)	17,213.03	18,044.43	18,907.65
PV of Terminal Value (M)	577,304.76	605,188.79	634,140.02
Equity Value (M)	646,311.16	676,349.05	707,512.71
Shares Outstanding (M)	90.92	90.92	90.92
Fair Value	$7,108.66	$7,439.04	$7,781.80
Upside / Downside	70.51%	78.44%	86.66%

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Sumitomo Bakelite Company Limited (4203.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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