DDM Analysis: 8015.T

Valuation Snapshot

Stable Growth	$4,073.30 - $6,847.65	$5,288.48
Multi-Stage	$3,324.43 - $3,621.50	$3,470.32
Blended Fair Value	$4,379.40
Current Price	$4,102.00
Upside	6.76%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.47%	17.80%	77.04	62.03	44.02	33.35	36.69	33.02	28.02	20.68	19.67	18.32
YoY Growth	-	-	24.20%	40.92%	32.00%	-9.10%	11.10%	17.86%	35.49%	5.11%	7.37%	22.38%
Dividend Yield	-	-	2.36%	1.95%	1.85%	2.26%	2.10%	3.63%	2.49%	1.67%	1.75%	2.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	340,606.00
(-) Cash Dividends Paid (M)	98,584.00
(=) Cash Retained (M)	242,022.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68,121.20	42,575.75	25,545.45
Cash Retained (M)	242,022.00	242,022.00	242,022.00
(-) Cash Required (M)	-68,121.20	-42,575.75	-25,545.45
(=) Excess Retained (M)	173,900.80	199,446.25	216,476.55
(/) Shares Outstanding (M)	1,055.69	1,055.69	1,055.69
(=) Excess Retained per Share	164.73	188.93	205.06
LTM Dividend per Share	93.38	93.38	93.38
(+) Excess Retained per Share	164.73	188.93	205.06
(=) Adjusted Dividend	258.11	282.31	298.44
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,073.30	$5,288.48	$6,847.65
Upside / Downside	-0.70%	28.92%	66.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	340,606.00	362,745.39	386,323.84	411,434.89	438,178.16	466,659.74	480,659.53
Payout Ratio	28.94%	41.15%	53.37%	65.58%	77.79%	90.00%	92.50%
Projected Dividends (M)	98,584.00	149,287.74	206,166.44	269,808.64	340,853.27	419,993.76	444,610.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	131,823.10	133,072.60	134,322.11
Year 2 PV (M)	160,750.64	163,812.49	166,903.22
Year 3 PV (M)	185,762.46	191,095.04	196,528.70
Year 4 PV (M)	207,222.51	215,191.71	223,388.58
Year 5 PV (M)	225,465.28	236,355.34	247,662.19
PV of Terminal Value (M)	2,598,534.67	2,724,044.87	2,854,358.64
Equity Value (M)	3,509,558.67	3,663,572.05	3,823,163.43
Shares Outstanding (M)	1,055.69	1,055.69	1,055.69
Fair Value	$3,324.43	$3,470.32	$3,621.50
Upside / Downside	-18.96%	-15.40%	-11.71%

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Toyota Tsusho Corporation (8015.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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