DDM Analysis: 2760.T

Valuation Snapshot

Stable Growth	$18,236.34 - $50,511.48	$47,336.66
Multi-Stage	$7,118.93 - $7,787.93	$7,447.30
Blended Fair Value	$27,391.98
Current Price	$2,833.00
Upside	866.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	31.94%	19.91%	126.54	130.89	81.15	63.30	30.18	31.65	25.74	20.22	20.12	19.99
YoY Growth	-	-	-3.32%	61.29%	28.19%	109.75%	-4.65%	22.99%	27.27%	0.50%	0.67%	-2.92%
Dividend Yield	-	-	4.47%	3.01%	2.31%	3.71%	1.66%	2.64%	4.03%	3.00%	3.58%	4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,599.00
(-) Cash Dividends Paid (M)	3,540.00
(=) Cash Retained (M)	4,059.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,519.80	949.88	569.93
Cash Retained (M)	4,059.00	4,059.00	4,059.00
(-) Cash Required (M)	-1,519.80	-949.88	-569.93
(=) Excess Retained (M)	2,539.20	3,109.13	3,489.08
(/) Shares Outstanding (M)	29.92	29.92	29.92
(=) Excess Retained per Share	84.87	103.92	116.62
LTM Dividend per Share	118.32	118.32	118.32
(+) Excess Retained per Share	84.87	103.92	116.62
(=) Adjusted Dividend	203.19	222.24	234.94
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18,236.34	$47,336.66	$50,511.48
Upside / Downside	543.71%	1,570.90%	1,682.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,599.00	8,092.94	8,618.98	9,179.21	9,775.86	10,411.29	10,723.63
Payout Ratio	46.59%	55.27%	63.95%	72.63%	81.32%	90.00%	92.50%
Projected Dividends (M)	3,540.00	4,472.81	5,511.93	6,667.23	7,949.44	9,370.16	9,919.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,153.54	4,192.91	4,232.28
Year 2 PV (M)	4,753.13	4,843.67	4,935.05
Year 3 PV (M)	5,339.00	5,492.27	5,648.44
Year 4 PV (M)	5,911.39	6,138.72	6,372.55
Year 5 PV (M)	6,470.51	6,783.03	7,107.52
PV of Terminal Value (M)	186,363.47	195,364.89	204,710.82
Equity Value (M)	212,991.03	222,815.49	233,006.67
Shares Outstanding (M)	29.92	29.92	29.92
Fair Value	$7,118.93	$7,447.30	$7,787.93
Upside / Downside	151.29%	162.88%	174.90%

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Tokyo Electron Device Limited (2760.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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