DDM Analysis: 3402.T

Valuation Snapshot

Stable Growth	$1,127.94 - $5,050.20	$1,972.42
Multi-Stage	$3,305.26 - $3,642.72	$3,470.69
Blended Fair Value	$2,721.55
Current Price	$945.30
Upside	187.90%
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	3.17%	3.17%	3.17%
Growth Rate	0.46%	1.46%	2.46%
Fair Value	$1,127.94	$1,972.42	$5,050.20
Upside / Downside	19.32%	108.66%	434.24%

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	3.17%	3.17%	3.17%
Growth Rate	0.46%	1.46%	2.46%
Year 1 PV (M)	32,467.64	32,790.84	33,114.04
Year 2 PV (M)	36,364.10	37,091.67	37,826.45
Year 3 PV (M)	40,032.98	41,240.44	42,471.94
Year 4 PV (M)	43,483.59	45,241.03	47,051.22
Year 5 PV (M)	46,724.85	49,097.22	51,564.98
PV of Terminal Value (M)	4,946,344.63	5,197,485.73	5,458,725.77
Equity Value (M)	5,145,417.79	5,402,946.93	5,670,754.39
Shares Outstanding (M)	1,556.74	1,556.74	1,556.74
Fair Value	$3,305.26	$3,470.69	$3,642.72
Upside / Downside	249.65%	267.15%	285.35%

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Financial Statements

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Ticker

Industry

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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