DDM Analysis: 3402.T

Valuation Snapshot

Stable Growth	$1,251.06 - $7,222.98	$2,336.42
Multi-Stage	$3,347.78 - $3,689.62	$3,515.36
Blended Fair Value	$2,925.89
Current Price	$945.30
Upside	209.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.40%	5.96%	18.52	18.52	17.49	12.86	12.86	16.45	16.45	14.39	14.39	12.33
YoY Growth	-	-	0.01%	5.89%	35.98%	0.01%	-21.84%	0.04%	14.29%	0.02%	16.65%	18.78%
Dividend Yield	-	-	1.87%	2.43%	2.18%	1.69%	1.74%	3.24%	2.01%	1.65%	1.53%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59,322.00
(-) Cash Dividends Paid (M)	28,334.00
(=) Cash Retained (M)	30,988.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,864.40	7,415.25	4,449.15
Cash Retained (M)	30,988.00	30,988.00	30,988.00
(-) Cash Required (M)	-11,864.40	-7,415.25	-4,449.15
(=) Excess Retained (M)	19,123.60	23,572.75	26,538.85
(/) Shares Outstanding (M)	1,556.74	1,556.74	1,556.74
(=) Excess Retained per Share	12.28	15.14	17.05
LTM Dividend per Share	18.20	18.20	18.20
(+) Excess Retained per Share	12.28	15.14	17.05
(=) Adjusted Dividend	30.49	33.34	35.25
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	0.46%	1.46%	2.46%
Fair Value	$1,251.06	$2,336.42	$7,222.98
Upside / Downside	32.35%	147.16%	664.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59,322.00	60,186.67	61,063.95	61,954.01	62,857.05	63,773.25	65,686.44
Payout Ratio	47.76%	56.21%	64.66%	73.11%	81.55%	90.00%	92.50%
Projected Dividends (M)	28,334.00	33,831.20	39,482.63	45,291.62	51,261.56	57,395.92	60,759.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	0.46%	1.46%	2.46%
Year 1 PV (M)	32,551.95	32,875.98	33,200.02
Year 2 PV (M)	36,553.19	37,284.54	38,023.14
Year 3 PV (M)	40,345.65	41,562.54	42,803.65
Year 4 PV (M)	43,936.99	45,712.76	47,541.83
Year 5 PV (M)	47,334.65	49,737.97	52,237.94
PV of Terminal Value (M)	5,010,898.24	5,265,316.93	5,529,966.35
Equity Value (M)	5,211,620.67	5,472,490.73	5,743,772.93
Shares Outstanding (M)	1,556.74	1,556.74	1,556.74
Fair Value	$3,347.78	$3,515.36	$3,689.62
Upside / Downside	254.15%	271.88%	290.31%

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Financial Statements

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Ticker

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Sector

Toray Industries, Inc. (3402.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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