DDM Analysis: 7224.T

Valuation Snapshot

Stable Growth	$2,054.40 - $3,980.32	$2,821.38
Multi-Stage	$3,273.55 - $3,595.25	$3,431.33
Blended Fair Value	$3,126.35
Current Price	$1,852.00
Upside	68.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-11.62%	9.70%	49.44	46.39	43.84	37.81	39.78	91.71	48.55	20.21	20.65	22.62
YoY Growth	-	-	6.59%	5.80%	15.97%	-4.94%	-56.63%	88.91%	140.19%	-2.12%	-8.70%	15.44%
Dividend Yield	-	-	3.06%	3.24%	3.25%	3.50%	4.15%	9.08%	3.49%	1.55%	2.18%	3.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,567.00
(-) Cash Dividends Paid (M)	3,436.00
(=) Cash Retained (M)	5,131.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,713.40	1,070.88	642.53
Cash Retained (M)	5,131.00	5,131.00	5,131.00
(-) Cash Required (M)	-1,713.40	-1,070.88	-642.53
(=) Excess Retained (M)	3,417.60	4,060.13	4,488.48
(/) Shares Outstanding (M)	66.10	66.10	66.10
(=) Excess Retained per Share	51.71	61.43	67.91
LTM Dividend per Share	51.98	51.98	51.98
(+) Excess Retained per Share	51.71	61.43	67.91
(=) Adjusted Dividend	103.69	113.41	119.89
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	1.23%	2.23%	3.23%
Fair Value	$2,054.40	$2,821.38	$3,980.32
Upside / Downside	10.93%	52.34%	114.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,567.00	8,758.47	8,954.21	9,154.33	9,358.93	9,568.09	9,855.14
Payout Ratio	40.11%	50.09%	60.06%	70.04%	80.02%	90.00%	92.50%
Projected Dividends (M)	3,436.00	4,386.76	5,378.30	6,411.97	7,489.15	8,611.28	9,116.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	1.23%	2.23%	3.23%
Year 1 PV (M)	4,084.70	4,125.04	4,165.39
Year 2 PV (M)	4,663.12	4,755.70	4,849.19
Year 3 PV (M)	5,176.54	5,331.46	5,489.44
Year 4 PV (M)	5,629.85	5,855.61	6,088.10
Year 5 PV (M)	6,027.65	6,331.30	6,647.06
PV of Terminal Value (M)	190,788.95	200,400.04	210,394.61
Equity Value (M)	216,370.81	226,799.16	237,633.80
Shares Outstanding (M)	66.10	66.10	66.10
Fair Value	$3,273.55	$3,431.33	$3,595.25
Upside / Downside	76.76%	85.28%	94.13%

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ShinMaywa Industries, Ltd. (7224.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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